3rd Jun 2016 13:25
LONDON (Alliance News) - Outsourcery PLC Friday said it has received a number of initial offers for its assets, but the potential proceeds from these current proposals will potentially leave no or limited value for shareholders.
The company has requested a temporary suspension of trading on AIM, as whilst it continues talks with third parties for the assets, it has concluded it is no longer able to present its results for 2015 by the deadline of the end of June.
In April, the cloud services company warned it needed short-term working capital, and it was investigating alternatives to raise money, including a fundraising, restructuring and the sale of non-core assets. Later that month, Outsourcery 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.
Outsourcery said Friday that it has progressed with restructuring, including talks with third parties about the sale of business assets. It said it continues to carefully evaluate the approaches for the assets, as well as other options to strengthen its immediate and long-term financial position.
It said that the talks have had "no material adverse impact" on its current business activity, as it has secured new contracts and continued with further project development.
Additionally, Outsourcery said it has opted to change its year end date to March 31, and extend its latest accounting period to the fifteen months to end-March.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
OUT.L