Aferian folds as subsidiaries' sale nears for below credit amount
Aferian PLC on Friday suspended trading and said it intends to go into administration, as the formal sale process started in September failed to garner interest for the company as a whole and has ended.
Senior lenders, however, are indicating support for the alternative option of selling the company’s subsidiaries, 24i and Amino Technologies, to a single buyer as a going concern. Aferian notes the negotiations are ‘well progressed’, and that the sale is ‘capable of being transacted in the very near term’.
Such a sale, while keeping the subsidiaries’ operations intact, is also expected to be completed for an amount ‘significantly’ below Aferian’s secured banking facilities of $16.5 million, the company said, meaning shareholders will see no return from the pre-packaged sale, and that lenders will face a haircut on their loans.
Due to such a situation, trading in the Cambridge, England-based business-to-business video streaming shares has been suspended at the company’s request, with the last recorded price in London at 57.00 pence at the close on Thursday.
The firm has also confirmed its intention to appoint David Hudson and Philip Armstrong, of FRP Advisory Trading Ltd, as joint administrators of the company.
The move only affects the parent company, and not 2i and Amino Technologies, which ‘will continue to trade under the control of their directors’.
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