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KleenAir Systems International
- BY: Andrew Hore |
- POSTED: 09/02/2009 |
KleenAir Systems International is seeking advice from an insolvency practitioner and asked for its shares to be suspended.
KleenAir, which supplies filters to clean up vehicle emissions, says that there is no prospect of it being able to meet all its liabilities because it can’t raise more cash.
The shares were suspended at 1.25p a share, which values KleenAir at £350,000.
It has been obvious that KleenAir has been short of cash for a while. There was net cash of £122,000 at the end of March 2008 and the company was loss-making. It warned that the first few months of the financial year to September 2009 had started slowly. At the same time it said that revenues were more than £800,000 in the year to September 2008. The accounts for last year still have not been published.
In November 2008, it raised £18,000 of working capital from a share placing at 22p a share. The market price at the time was less than one-third of the placing price. At the same time it launched a new piece of equipment that could help reduce a vehicle’s consumption of diesel.
Hybridan has resigned as broker, although Blomfield Corporate Finance is continuing as nominated adviser.
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