(Alliance News) - Toople PLC shares were suspended on Wednesday, after it reported plans to appoint administrators.
Shares in the Letchworth Garden City, England-based telecom services company were suspended at 0.0080 pence each in London on Wednesday morning.
Back in July, Toople applied for a listing on the AQSE Growth Market Access Segment of the Aquis Stock Exchange in London via a fast-track application.
It explained that it was seeking to grow the business by way of acquisition, but believed that it may be ineligible for readmission to the London Main Market in the event of a reverse takeover, due to the minimum market capitalisation requirements.
On Wednesday, the company said it had found a "viable acquisition opportunity", but was unable to raise the required financing to complete it and to raise further working capital to support the enlarged group.
Based on this, Toople's directors have decided to appoint an administrator, which it expects to happen over the course of today.
It said that it does not expect there to be any impact to the service it supplies to broadband customers, resellers, and direct customers.
Chief Executive Greg Bryce said: "It is with great regret that in order to best preserve value for creditors, partners and suppliers and to ensure a continuation of service for our customers we have decided to terminate the acquisition process; cancel our move to AQSE; and to appoint administrators."
By Sophie Rose; sophierose@alliancenews.com
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Toople Plc (TOOP)