AEA Technology 'worthless' as it hoists for sale sign
Thursday 19 July 2012
The struggling climate-change firm AEA Technology finally gave up the ghost yesterday as it put itself up for sale and said the shares were worth nothing.
AEA was originally the commercial arm of the UK Atomic Energy Authority. It was spun out of that body in 1994 and floated in 1996.
But the company has been hit by a string of profit warnings after contract delays and the failure of its Washington business to win key orders.
It is also saddled with a pension liability of £165.5m and has been unable to agree a long-term solution to its woes with bank Lloyds and pension trustees. AEA has net debts of £34.3m alongside the pension burden.
Shares in the company, which are already in penny-stock territory, crashed another 82 per cent yesterday to 0.035p, leaving it with a market value of £510,000, as AEA warned it did not expect "offers for the share capital of the company", meaning that investors should expect "little or no value" for their holdings as a result.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
- 1 Scottish independence results live: Reunited kingdom - Scotland gives a clear 'No' in historic referendum
- 2 Scottish referendum results: David Cameron set to unveil major devolution of powers to England
- 3 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 4 Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence results live: Reunited kingdom - Scotland gives a clear 'No' in historic referendum
Scottish referendum results: David Cameron set to unveil major devolution of powers to England
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence: YouGov final prediction puts No campaign 8 points ahead - but Yes team remains optimistic
Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...