10th Dec 2018 12:03
LONDON (Alliance News) - Lb-Shell PLC said on Monday it will delist shares from the Main Market of the London Stock Exchange on January 15, 2019, following which the firm will go through a voluntary wind up.
Shares in the cash shell were down 33% at 0.15 pence on Monday.
In mid-July, Lb-Shell received a letter of claim from lawyers representing certain shareholders, on details related to the conduct of the IPO of Intelligent Energy Holdings, Lb-Shell's former name in July 2014, and the sale of all business and assets in October 2017.
Lb-Shell said it was unable to disclose the information due to confidentiality agreements, and despite there being no follow up to the letter, the company said it would not be viable for the company to continue, as the level of litigation risk is too high to seek new businesses.
The voluntary wind up proposal is subject to shareholder and convertible loan note holder approval. If approval is not gained the company will be placed under creditor administration.
Either way, LB-Shell does not expect that there will be any funds available to distribute to shareholders, following the wind-up.