Lb-Shell PLC (05104429): administration
- Status
- Administration ended
- Administration began
- 2019-09-24
- Administrators' firm
- Peterhouse Corporate Finance
- Formerly
- Intelligent Energy Holdings Public Limited Company
- Incorporated
- 2004-04-16
- Location
- Basildon
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
From the administrators' statement
On 28 March 2018, a Heads of Agreement was signed between Peterhouse Corporate Finance Limited and the Company which, inter alia, said that a group of Investors would invest £300,000 in three-year Convertible Loan Notes (“CLN”) convertible at £0.00025 (subject to shareholders’ approval) into the Company.
On 3 May 2018, the Company announced that it had appointed three Directors and the existing Directors resigned from the Board. The following day, the Company announced that the £300,000 of CLN’s had been issued together with a further £135,000 of CLN’s to settle Company liabilities. The announcement restated the aim of the new Directors to put into place a new strategy and a new capital structure.
Subsequent to discussions with the Company’s largest shareholder, the Company prepared a prospectus to issue shares pursuant to any conversion of the CLN’s and for the issue of further shares to raise funds. However, the Company received correspondence from shareholders or their legal representatives, who were considering action against the Company's largest shareholder.
Administrators' statement of proposals (2019-11-23) · Companies House register