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LONDON - Eneraqua Technologies plc (AIM:ETP) announced Wednesday that its operating subsidiary Cenergist Limited is filing a notice to appoint administrators following an adverse adjudication award of approximately £1.2 million.
The adjudication, which includes costs related to a contractual dispute, requires payment within five days. While Eneraqua believes there are grounds for a counterclaim, the company stated this cannot be pursued due to current cash constraints.
Cenergist’s board has determined it has insufficient funds to continue trading and can no longer operate as a going concern. Interpath Advisory is being appointed as administrator and will manage an accelerated sale process to seek potential buyers for Cenergist’s business and assets.
The development follows Eneraqua’s July 7 announcement that its balance sheet and supply chain were under "significant strain" due to delayed client payments and deferred energy projects.
As a result of these financial uncertainties and limited working capital, Eneraqua has requested immediate suspension of its shares from trading on the AIM market.
The company indicated in its press release statement that further announcements will be made when appropriate.
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