(Alliance News) - IOG PLC shares were suspended from trading on AIM on Thursday, after it said it will be placed into administration.
The London-based, UK-focused gas developer and producer said it will be placed into administration in order "to preserve the value of the business for creditors."
In light of this, IOG requested a suspension of trading in its shares on AIM. The shares were suspended at 0.93 pence each on Thursday afternoon.
IOG noted that its interim results for the six months ending June 30 will not be released.
Chair Esa Ikaheimonen said: "The board are extremely disappointed to draw this unavoidable conclusion, having worked exhaustively to overcome the company's financial circumstances. We have not found a viable solution that would provide a return to shareholders. We regret the impact this outcome will have on our many stakeholders."
By Sophie Rose, Alliance News reporter
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