Sunday, June 28, 2009

Panceltica warns of winding-up

Shareholders in construction newcomer Panceltica were told today that the company will be wound-up unless a last minute sale can be agreed.

Trading in the firm's shares was suspended earlier this month and shareholders are set to receive a letter outlining Panceltica's grim finances ahead of its AGM on July 9.

Panceltica's board is looking to sell its New Zealand based steel manufacturer Scottsdale Holdings and its Qatar trading subsidiary.

A statement released today said: "The board does not believe that there will be sufficient cash for a distribution to be made to its shareholders following any sale of the Scottsdale Group, the sale or disposal of the Company's Qatar trading subsidiary and the payment of creditors.


Panceltica warns of winding-up


"Furthermore the board notes that following such disposals the company would not be in a position to continue as an independent business and the board would seek to arrange a sale of the company and in the absence of which would proceed with winding up the company".