14th Feb 2019 09:57
LONDON (Alliance News) - HaloSource Corp on Thursday said it intends to leave AIM and wind up after selling its assets to Strix Group PLC.
The water technology firm will call a meeting of its shareholders on February 26 to vote on the cancellation.
Last week, HaloSource received an offer from Strix, a designer and manufacturer of kettle safety components, to acquire the majority of its assets for USD1.3 million in cash.
Back then HaloSource said it will use the cash from the sale to pay its creditors. It does not, however, expect any payment to shareholders.
On Thursday, HaloSource said: "Following the disposal, the company will repay amounts outstanding to creditors and effect a wind down of the business."
The company's directors unanimously recommend shareholders to vote in favour of delisting and winding up.
HaloSource shares have been suspended from trading since December as the company said it was looking to raise extra cash, but added it was unlikely any transaction will be sufficient to fund the company as a going concern.