LONDON (Alliance News) - SeaEnergy PLC shares were cancelled from trading on AIM on Monday following the company's collapse into administration a month earlier and the sale of its Return to Scene business to James Fisher & Sons PLC.
Shares in SeaEnergy were suspended back in April pending clarification of its financial position, after which accountant KPMG LLP was appointed to run an accelerated sales process for its assets.
On June 3, SeaEnergy sold Return to Scene to marine engineering services company James Fisher. The Return to Scene business comprised three units: R2S Visual Asset Management, R2S Forensic and MAX & Co.
The visual asset management unit provides software to the oil and gas, maritime and commercial sectors, whilst the Forensic unit provides technical services to the public and private sectors which is used to conduct investigations into criminal activity or accidents. The third unit, MAX & Co, provides media and consultancy, specialising in high-end creative and technical multimedia applications.
James Fisher paid GBP1.9 million to buy the business and, just after the deal was announced, SeaEnergy was put into administration. This prompted its nominated adviser to resign, leaving it only a month to find another or be cancelled from AIM.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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