Amte Power files second notice of intention to appoint administrator

(Alliance News) - Amte Power PLC on Monday said it filed a second notice of intention to appoint an administrator, after receiving interest in its business and assets.

This follows the London-based lithium-ion and sodium-ion battery cells developer and manufacturer saying before Christmas that it intended to appoint administrators and suspend its shares from trading on AIM in London.

This generated interest in the business and assets of the company, Amte Power said, prompting it to file a second notice of intention to appoint an administrator with the court, which the court has sealed.

As a result, Amte Power said it will be protected from creditor action for a further 10 business day period, or until and including Friday next week, and intends to use this period to "continue to explore the interest elicited by the accelerated sale process and conclude a transaction".

It said that WH Ireland Ltd will resign as nominated adviser to Amte Power if these negotiations do not succeed and an administrator is appointed.

If it fails to appoint a replacement nominated adviser within one month of the date that WH Ireland resigns, Amte Power said the admission of its shares to trading on AIM will be cancelled. Shares in Amte Power currently remain suspended.

By Greg Rosenvinge, Alliance News senior reporter

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