20th Nov 2019 18:06
(Alliance News) - Marketing technology firm Mporium Group PLC on Wednesday said it has appointed administrators for its trading unit Mporium Ltd, as the company been unable to address its financial position.
The company has appointed Kirstie Provan and Gary Shankland of Begbies Traynor as administrators to its trading subsidiary.
"The board has concluded that the company is no longer viable as a going concern and is taking advice as regards the steps to be taken to wind up the affairs of the company. The board does not expect there to be any surplus available to shareholders of Mporium following the administration of MPML and that Mporium has no other assets with any material value left in them likely to produce such a surplus. Notices in this regard are expected be sent to shareholders and creditors of the company in the near future," Mporium said.
Following the appointment of administrators, the business and assets of Mporium Ltd was sold by the administrators to a new company, which has preserved all of the jobs of the employees.
finnCap Ltd, the company's nominated adviser, has resigned as the company's nominated adviser and joint broker with immediate effect.
Mporium said it has no current intention of appointing a replacement nominated adviser.
In October, Mporium indefinitely adjourned its general meeting and requested shares be temporarily suspended from trading on AIM market due to uncertainty regarding its financial position.
Mporium shares last closed on October 21 at 0.50 pence on London's junior market.
By Tapan Panchal; [email protected]
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