3rd May 2018 12:09
LONDON (Alliance News) - LB-Shell PLC said on Thursday that it will go ahead with new continuation option which according to the company will benefit shareholders more than a wind-down.
After a reported pretax loss of GBP12.7 million for the 14 months ended November 30 2017, the power technology company identified a viable continuation option.
The continuation option involves the stepping down of the entire board of directors with immediate effect. A new board of directors comprising of Executive Chairman Melissa Sturgess, Non-Executive Director, Charles Morgan and Non-Executive Director, Michael Langoulant, has been appointed.
Company Secretary, John Maguire, has also been replaced by Michael Langoulant. The new board will be subject to reappointment at the company AGM.
The investment or acquisition of an unidentified business forms part of the continuation option, using an initial GBP300,000 convertible loan funds.
Last October, Lb-Shell sold its main subsidiary, Intelligent Energy Ltd and all remaining assets to Meditor Energy Ltd for GBP19.5 million, due to a bleak outlook. The sale initially envisaged LB-Shell's wind-down.
The company defined some of its current statements "forward-looking" and said they were subject to risks and uncertainty.
LB-Shell's stock was trading down 1.9% at 0.26 pence.