18th Dec 2019 06:58
(Alliance News) - Stirling Industries PLC on Monday confirmed that it will be leaving London Stock Exchange on December 24 after appointing liquidators.
The AIM-listed company, which was investing in industrial sector, said all resolutions were passed by the requisite majorities at its annual general meeting, with James Money and Steve Butt of Rollings Butt LLP appointed as liquidators.
The liquidation comes amid failure to find any funding for a takeover. In early September, Stirling confirmed it was in "advanced" talks over the acquisition of German steel products heat treatment firm Ipsen International GmbH. Debt funding had been agreed in principle, it added, and it was looking for equity funding.
However, a month later Stirling said it had failed to find any equity funding, blaming "global trade and geopolitical tensions" for weakening market sentiment.
The company's shares will remain suspended for trading until the cancellation date, it said.
By Evelina Grecenko; [email protected]
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