Alternative Liquidity Solutions placing suffers from lack of interest

Alternative Liquidity Solutions, an investment company which vacuums up secondary hedge fund positions, has admitted that the level of placing commitments it has received has been insufficient to ensure that the net asset value attributable to the ordinary shares would be above the previously stipulated level of 35m pounds, and consequently the placing is not going ahead.

Alternative Liquidity Solutions, an investment company which vacuums up secondary hedge fund positions, has admitted that the level of placing commitments it has received has been insufficient to ensure that the net asset value attributable to the ordinary shares would be above the previously stipulated level of 35m pounds, and consequently the placing is not going ahead.

The firm said it will now review the options available to it and decide whether there is a realistic prospect of raising sufficient new share capital by December 31st. If there is not, the company's existing ordinary shares will automatically converted into run-off shares, which will then be de-listed and their admission to trading on the main market of the London Stock Exchange cancelled.

As previously announced, cash will be returned to shareholders through the redemtion of the run-off shares of a pro rata basis.

"In the event that the board determines that there is no realistic prospect of raising sufficient additional share capital by December 31st 2012, as currently seems probable, it will announce this in sufficient time to enable all shareholders to participate in the first redemption," the firm said.

NR

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Are UK house prices set to fall? It’s not so simple
House prices

Are UK house prices set to fall? It’s not so simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022