Sergey Nivens - Fotolia

Outsourcery suspends shares amid asset sale

Outsourcery has been suspended its shares as it tries to get its finances in order and sell off some of its assets

The management of Outsourcery have dabbled in television before with co-founder Piers Linney having a stint on Dragon's Den but its more recent activities are more akin to a soap opera with the business delivering its investors plenty of twists and turns.

The latest development happened at the end of last week with the cloud and unified comms specialist requesting that its shares were suspended from AIM and reporting that it was not in a position to present financial results for the year ended 31 December by the end of this month.

The reason given for the suspension and delay in results filing was the ongoing efforts being made to offload some of the assets as it continues to restructure the business in the wake of funding it was given by principal secured lender Vodafone back in April.

The decision to turn to Vodafone has been as a result of a liquidity crisis and investors were told by the firm that part of the conditions of the capital that came from the comms giant was to restructure the business and dispose of some of the business assets, "in the immediate term".

"Outsourcery has received a number of initial offers for its assets, though the potential proceeds from the current proposals would potentially leave no or limited value to equity shareholders. The Board continues to carefully evaluate approaches for assets as well as a number of further options to strengthen the immediate and long-term financial position of the Company," the firm stated.

"While discussions with third parties are ongoing, they have had no material adverse impact on current business activity, with Outsourcery securing new direct customer contracts and continuing with further product development," it added.

The suspension of shares started last Friday afternoon and has been triggered while Outsourcery looks to get its audited accounts into a position where they can be made public.

In its update to investors the firm revealed it was changing its reporting dates to give it some more breathing space: "The Board has resolved to change the Company's accounting reference date to 31 March and extend the latest accounting period to the 15 months ended 31 March 2016".

Read more on Finance and Credit