18th Jul 2016 08:23
LONDON (Alliance News) - Cloud services provider Outsourcery PLC's shares were cancelled from trading on AIM on Monday after the company fell into administration a month earlier.
Outsourcery said a month ago that administrators from Ernst & Young LLP had been formally appointed to the company and its three subsidiaries to progress the sale of the business to GCI Network Solutions Ltd.
Shares in the company had been suspended earlier in June after it said it had received offers for its assets and after a warning issued in April that it needed to raise more short-term working capital.
Following the announcement of the administrators' appointment in June, the company's nominated adviser, Investec Bank PLC, resigned, leaving Outsourcery a month to find a replacement or have its shares cancelled from trading.
That month has now passed and shares in the company, with no new nominated adviser appointment, were cancelled on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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