LONDON (Alliance News) - Offshore energy services company SeaEnergy PLC on Tuesday said it is taking advice from insolvency practitioners after saying it will not be able to complete a sale of its Return to Scene business in time.
SeaEnergy said it remains in talks about a sale of the Return to Scene business but said the sale would be classified as a fundamental change in business under AIM rules and would therefore require shareholder approval.
The company said it does not believe it will be able to agree a sale of the business and execute the deal in sufficient time to allow the process of shareholder approval to take place while the company remains solvent.
SeaEnergy added that the suspension of shares in Lansdowne Oil & Gas PLC, in which it holds a 19% stake, means it is unlikely it would be able to raise funds through selling this interest.
As a result, SeaEnergy is talking to insolvency practitioners and said its shares will be suspended pending clarification of its financial position. Shares in the company were down 12% to 2.1 pence prior to the suspension being requested.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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