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Sterling Green quits debt management 14 November 2011

In its statement to market today, the company acknowledged that the current economic environment has meant that it has struggled to generate sufficient income and profits to offset the costs associated with its listing on AIM.

As a result, the business decided that the sale of its debt management book represented the best way for shareholders to realise some value from their initial investment in the company.

No trading

The company will now run as little more than a cash shell business – where a company continues to operate but with no trading operations.

It is hoped that this may be appealing for an organisation looking for a discounted listing on AIM.

Group chairman [J] Michael Edelson, said the group will retain cash balances of £500,000 after repaying its debts to ensure it remains attractive.

Today’s news comes after shares in Sterling Green were reinstated on the Alternative Investment Market (AIM), having been frozen for six weeks for failing to file accounts within the necessary timescale.

DRSP Limited – purchaser of the debt management portfolio - has been going a matter of months and is registered at an address in Carrington Lane, Sale and run by Elizabeth Robinson.

By Joe McGrath

 

Related reading:

- Sterling Green: Stock Exchange - Annual results

 

 

 

 

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