15th Jun 2016 15:11
LONDON (Alliance News) - Outsourcery PLC on Wednesday said Investec Bank PLC has resigned as its nominated adviser with immediate effect, with little chance of finding a replacement.
A nominated adviser is a shepherd that guides companies through their life on AIM, the London Stock Exchange's market for smaller, growing companies.
"If the company fails to appoint a replacement nominated adviser within one month of today's date, admission of the company's shares to trading on AIM will be cancelled. The directors believe that it is highly unlikely that a replacement nominated adviser will be appointed," Outsourcery said in a statement.
The resignation comes after the cloud services company said earlier on Wednesday that it will appoint administrators from Ernst & Young in order to complete the sale of the business and assets of its trading subsidiary Outsourcery Hosting Ltd to GCI Networks Solutions Ltd.
Shares in Outsourcery were suspended earlier this month after it said it had received a number of offers for its assets, following a warning in April that it needed short-term working capital.
By Samuel Agini; [email protected]; @samuelagini
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