AIM adviser Hume Capital appears to have run out of money.
Trading in the shares was suspended at 0.09p. Last summer, Hume raised £425,000 at par value of 0.1p and Hume has previously said that further cash would be required.
Cost savings have been made but costs are still too high and revenues are too low. The regulators require a capital injection, which would have to be much higher than previously thought. An underwritten fundraising is not commercially viable.
There is potential business but no guarantee when the cash will be generated. The financial position is “unclear”.
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