Eneraqua Technologies Subsidiary Cenergist to Enter Administration
Why we think this is neutral
This RNS announcement does not contain any of the mandatory news types required for a more detailed analysis. It appears to be a general update about the company appointing an administrator over a subsidiary, which does not provide enough information to assess the sentiment in depth.
Key Points
- Cenergist Limited, a subsidiary of Eneraqua Technologies, is filing a notice of intention to appoint administrators
- Cenergist has reported insufficient funds to continue trading due to a £1.2m adjudication award against it
- Eneraqua has requested its shares be suspended from trading on AIM with immediate effect due to the ongoing financial uncertainty
Summary
Eneraqua Technologies plc (ETP) has announced that its operating subsidiary Cenergist Limited has reported it has insufficient funds to continue trading and is in the process of filing a notice of intention to appoint Interpath Advisory as administrators. This follows a material adverse adjudication award against Cenergist in the sum of approximately £1.2m, which the company believes it has grounds to counterclaim but cannot currently pursue due to cash constraints.