16th Jun 2016 15:46
LONDON (Alliance News) - Outsourcery PLC late Thursday said administrators have been formally appointed to the company and its three subsidiaries to progress the sale of the business to GCI Network Solutions Ltd.
Sam Woodward and Simon Edel of Ernst & Young LLP were appointed as joint administrators under the Insolvency Act of 1986, following on from Outsourcery's announcement on Wednesday that said the sale would occur shortly after the administrators were appointed.
Shares in Outsourcery were suspended from trading on AIM 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.
In April, it reached an agreement with its principal secured lender, mobile giant Vodafone Group PLC, for the terms of a new conditional drawdown working capital facility to provide it with funding whilst it realised its assets.
The company's nominated adviser, Investec Bank PLC, resigned on Wednesday following the news of the imminent appointment of an administrator. A nominated adviser is a shepherd that guides companies through their life on AIM, the London Stock Exchange's market for smaller, growing companies.
By Joshua Warner; [email protected]; @JoshAlliance
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