IPSO Ventures mulls sale as struggles continue

Investment company IPSO Ventures, which in January warned that there was was only sufficient working capital to operate until the third quarter, has said that it is considering options including the sale of the company.

IPSO has been unable to raise additional capital or sell any assets since its half-year results at the start of the year and now has insufficient cash to meet its debt repayments.

While the board still believes that it continues to be able to "trade solvently", the company has acknowledged that it is not going to be in a position to publish its reports and accounts for the full-year ended April 30th.

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It was scheduled to make its results announcement by the end of October.

Therefore, trading on AIM was suspended as of 07:30 on Wednesday morning.

IPSO said: "The IPSO board continues to review all of its options, certain of which are at an advanced stage, including the sale of a group company, the sale or partial sale of one or more of its underlying portfolio assets and raising new equity, loan or convertible finance."

The board is also said to be considering the merits of delisting from AIM in an effort to save significant costs and "allow the sale of its asset portfolio on a more measured basis".