29th Mar 2018 12:30
The power technology company booked a pretax loss of
The group highlighted that despite entering reported financial year with a more streamlined and cost efficient structure than in previous periods, 2017 was "difficult and disappointing", as company struggled to generate revenue.
Lb-Shell recorded a cash burn of
On October 25, Lb-Shell decided to sell its main subsidiary, Intelligent Energy Ltd and all remaining assets to Meditor Energy Ltd for
The group said that it will use the consideration to settle a convertible loan note, and will arrange for the cancelling of its shares on the London Main Market, expected in 20 business days after the cancellation is formerly announced.
However, the company now said that it identified a viable continuation option, which could provide more value for shareholders than a wind down. The restructuring process is expected to be completed under new board of directors, it said. So far, the business has not begun restructuring, and there remains a risk that suitable terms will not be reached, it said.
Looking ahead, the company said that due to uncertainty, it continues realising its assets and discharging its liabilities in the normal course of business.
The stock was up 71% at
Related Shares:
Intelligent Energy HoldingsLb-Shell PLC