News blog
Micap
- BY: Andrew Hore |
- POSTED: 13/10/2008 |
Micap says it will appoint administrators.
The administration application will be heard on 28 October.
Micap was trying to negotiate with creditors but one has issued a winding up petition.
Micap developed micro-encapsulation technology that uses single cell organisms such as yeast. This creates natural preformed micro-capsules.
In April Micap issued £210,000 of loan stock to its directors and other investors in order to provide the cash to give it time to carry out due diligence on an acquisition which did not go ahead. Micap was also trying to sell non-core operations.
Micap shares were suspended on 27 August at 0.375p each, which valued the company at £890,000.
Micap’s Irish subsidiary Micap Encapsulates is not directly affected by the winding up petition or administration.
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