As a result of difficult market conditions and the outcome of the U.K.’s recent referendum on exiting the European Union, independent power producer (IPP) Rame Energy PLC, which specializes in on- and off-grid wind and solar projects, says it can no longer continue to trade on a solvent basis.
On April 28, the company – which has offices in both Plymouth, U.K., and Santiago, Chile – announced it was seeking to raise 2.8 million British pounds via a non-brokered fundraising; however, it was unable to complete the fundraising. As a result, Rame has appointed Andrew Beckingham and Colin Prescott of Leonard Curtis Recovery Ltd. as joint administrators of the company.
The board of directors intends to work with the joint administrators to resolve the immediate liquidity issues of the group.
On July 1, Rame’s shares were suspended from trading on the Alternative Investment Market (AIM), seeing as the IPP was not in a position to publish its audited annual report and accounts within the time frame laid out by AIM’s rules. Rame says the suspension will remain in place until it is able to publish its audited annual report.