RAM Active Media PLC (SC147230): administration
- Status
- Administration ended
- Administration began
- 2014-02-17
- Administrators
- Steven John Parker, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Formerly
- RAM Investment Group PLC; Magnum Power PLC; Magnum Limited; Randotte (No. 317) Limited
- Incorporated
- 1993-10-29
- Location
- Edinburgh
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
RAM Active Media plc (‘the Company’) was incorporated on 29 October 1993 by directors Mr lain Meiklejohn and Mr James Will.
Current directors, Mr Richard Prosser (‘RP’) and Mr David Binding (‘DB’) (‘the directors’) joined the Board of the Company in May 2012 as Chief Executive and Non Executive directors respectively.
The directors have advised that at the time of their joining the Group was under-capitalised and suffered from excessive remuneration at Group Board level. Remuneration and benefits at senior level were unsustainable for a nonperforming mini cap Group. In 2012 the Group had managed to attract investment from Ruffer LLP and others and had entered into a bridging loan with Eden Capital Finance (‘ECF’) of £500,000 which could not be regarded as a long term financial solution.
Administrators' statement of proposals (2014-04-14) · Companies House register