lbp9 Nov 2017 13:58
Taken from IEH...
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Regulatory News for Intell.eng. (IEH)
Last checked at 09/11/2017 13:58:03
Share Price:
0.241
Bid:
0.241
Ask:
0.298
Change:
-0.0285 (-10.58%)
Spread:
0.057
Spread as %:
23.65%
Open:
0.21
High:
0.25
Low:
0.20
Yesterday�s Close:
0.2695
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Categories: � Date:
Sale of Business, intent to de-list, wind down
Wed, 25th Oct 2017 13:50
RNS Number : 6105U
Intelligent Energy Holdings PLC
25 October 2017
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Released: 25th October 2017
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Intelligent Energy Holdings PLC
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(LSE: IEH; ADR:INGYY)
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This announcement contains insider information.
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25th October 2017
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�INTELLIGENT ENERGY HOLDINGS PLC: ("IEH PLC" OR THE "COMPANY" AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP")
SALE OF BUSINESS, INTENTION TO DELIST AND WIND DOWN OF IEH PLC, REPAYMENT (AS TO 65% OF PRINCIPAL), AND CANCELLATION OF, CONVERTIBLE LOAN NOTES
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As noted in the Company's announcement of 22nd September 2017 the Group has been facing an uncertain outlook and the Board had reluctantly concluded that, due to a number of factors, there could be little (or potentially no) value remaining in the Company's ordinary shares.
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Since the issue of that announcement the Board has continued to: �
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-���������� progress a potential sale of some or all of the business and assets held by the Company's subsidiaries, a process managed on the Board's behalf by Deloitte;
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-���������� discuss any residual financing options with key stakeholders; and
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-���������� seek trading related solutions that would bring funding into the Company.
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These activity streams and discussions have regrettably not produced an outcome that would result in the Company being a going concern or that would, as a backstop, provide more time to seek and implement any other financing solutions. This outcome in part reflects the Group being unable to undertake more traditional funding activities, due to the challenges faced by the Company in aligning the interests of major stakeholders (including as a r