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Catenae "Optimistic" About Securing Funding, Still Considers Wind Up

Fri, 10th Jan 2020 12:51

(Alliance News) - Catenae Innovation PLC on Friday said it is "optimistic" it will get funding of up to GBP100,000 amid fears that it may wind up should discussions fail.

Shares in the struggling media company were down 18% at 0.90 pence each, a sharp fall from its share price of 5.50p each six months ago.

Catenae said discussions to raise funds via a placing as well as discussions with creditors are underway, and believes that the financial position of the company has stabilised since December.

In December, Catenae said that due to its "limited financial resources" it was unlikely that it would be able to trade beyond the next two to three weeks should no funding be secured.

The company says that while creditors remain supportive, there is no guarantee that discussions will result in new funding being secured. In the absence of funding, it will need to consider commencing insolvency proceedings.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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IN BRIEF: Catenae receives payment for Shetland Space Centre order

Catenae Innovation PLC - London-based digital media and technology provider using blockchain technology to support clients with operations and staff management - Says it received a contract balance payment in February for August 2021 order from Shetland Space Centre Ltd, which is a satellite launch site and ground station in Unst, Shetland. This was part of a three phase project deliver a digital dashboard solution to enable Shetland Space Centre to monitor live satellite operations remotely from anywhere in the world. A subsequent phase was announced in May last year, with Catenae receiving a purchase order for GBP95,000, of which the first half of payment was received in July, with the whole contract fulfilled in December before the recent contract balance payment.

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