AIM-listed alternative energy technology company VPhase plc has filed at court its intention to appoint an administrator.
In a statement to the London Stock Exchange (LSE) on Friday (12 July), the company said it had 10 days to raise new finance, after which it would appoint an administrator.
The statement said: “The board continues to pursue options to preserve the value of the company, including raising funds by way of debt or equity and the sale of the business or its assets.
“There remains no certainty that any funding option will materialise and if none becomes available in the next ten days the appointment of an administrator will become effective.”
VPhase is an energy efficiency technology company that launched the first range of domestic voltage optimisation devices in the UK.
On 5 June the company requested that its shares be suspended from trading on AIM.
On 20 June, the company announced it had failed to secure funding in a statement to the LSE. The statement said: “Despite extensive attempts to secure further funding, it has received insufficient demand to raise equity capital through a non-pre-emptive placing with institutional investors.
“The board continues to pursue options to preserve the value of the company, including raising funds by way of debt or equity and the sale of the business or its assets.
“However, there can be no certainty at this stage that any of these options will materialise and, if they do not, the company currently only has sufficient funds to operate for a few weeks at most.”
Vphase’s annual results showed a 213% increase in revenue to £1.4m for year ending 31 December 2012, although the company incurred losses before tax of £1.66m for the same period.