AIM listed Screen Technology Group runs out of cash
AIM listed Screen Technology Group plc and its subsidiary Screen Technology Limited, which specialises in high resolution display systems for the digital advertising and signage markets, appointed administrators earlier today.
The administrators are working with the directors to sell the business as a going concern and any interested parties or investors should contact the joint administrators immediately.
Chris McKay of East Anglian business rescue and insolvency specialists McTear Williams & Wood, Joint Administrators, said “We became involved last week after the Company hit cashflow problems after a deal to provide working capital to take the business through to profitability fell through due to the credit crunch.”
Screen Technology, which was established in 1996 as a Cambridge University spinout, has developed patent protected technology which allows the building of very large, high resolution videowalls for the digital advertising and signage markets.
To date, around £20 million has been invested in the business which was listed on the London Stock Exchange AIM market in 2005. Screen Technology’s shares were suspended on 29 April 2009 pending clarification of the Company’s financial position.
With the uncertainty in the markets early stage companies may find it more difficult to attract investment once their current funds are exhausted and in those circumstances it is important to take advice early before cash pressure becomes too intense.
With four offices across East Anglia and more than 30 specialists, McTear Williams & Wood is the regional heavyweight in business rescue and insolvency. The size of the firm’s team and the breadth of its knowledge enables it to take assignments of all sizes and benefit from shared experience. No other local firm has such a diversity of knowledge and skills in the region.
Unlike most traditional service providers in the field, McTear Williams & Wood specialises purely in business rescue and insolvency work, rather than offering this as an add-on to other activities. This has allowed the firm to grow rapidly, attracting the best talent and building relationships with the widest range of business partners, from lawyers and accounting firms through to high street banks.
Organisation: McTear Williams & Wood