Bioganix is appointing an administrator to its main subsidiary.
The waste treatment plant operator hoped to sell Bioganix Composting Ltd but the only buyer interested wanted to wait until the business was placed in administration.
Bioganix, itself, will not be placed in administration but it is likely to be wound up in the future.
Blue Oar resigned as nominated adviser on 10 February 2009. The Aim quotation will be cancelled on 10 March 2009.
Bioganix asked for its shares to be suspended on 26 January 2009 at 3.5p a share. That valued the company at £280,000.
Bioganix says that it will be posting more information about the company’s history on its website http://www.bioganix.co.uk in the next few days.
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Quindell Portfolio is out of the size range for Aim Micro but its problems are a good case study for all quoted companies and it is probably even more important for smaller companies.