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.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...