LONDON (Alliance News) - PhotonStar LED Group PLC said Tuesday its core subsidiary was put into liquidation on Monday following a creditor meeting, as it continues to seek financing for its remaining business.
In late October, PhotonStar LED Group decided to end trading for its LED fixed lighting business - PhotonStar LED Ltd - ahead of the creditor meeting on a potential liquidation.
At the time, Photonstar emphasised that although the subsidiary generated most of its revenue it also attracted the "majority" of its trading losses. For the six months ended June, the unit generated GBP1.1 million of its total GBP1.3 million revenue.
On Monday, creditors for PhotonStar LED Ltd agreed to the liquidation. The liquidator - John Cullen of Menzies LLP - will "now seek to realise value in PhotonStar LED's assets for the benefit of its creditors."
PhotonStar LED Group still operates its building internet of things firm, Photonstar Technology Ltd. On Tuesday, PhotonStar LED Group confirmed it was "still considering both funding and strategic options" for this subsidiary.
At the end of October, PhotonStar LED Group explained these funding options include the issue of shares and new debt financing.
Shares in PhotonStar LED Group were 29% lower at 0.042 pence on Tuesday, shares have fallen 70% since PhotonStar stopped its subsidiary trading at the end of October.
