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.
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