Connect with us

Hi, what are you looking for?

Bnreport Business News Report

Finance

Shares in this FTSE-listed business have just plummeted 48 per cent

London-listed engineering business Torotrak has certainly ta..

London-listed engineering business Torotrak has certainly taken a wrong turn somewhere, as its market cap was halved today upon the announcement that it had failed to secure a refinancing.

Torotrak, which focuses on emissions reduction and fuel efficiency technology, said it had been “trying to secure a refinancing of the company to address its financial difficulties”.

Read more: Torotrak agrees licence deal as it invests £3m in F1 engineer

However, in a statement today it added: “Unfortunately, this has not proved possible.”

Torotrak said the board was evaluating its remaining options, which consist of selling its assets – including technology and intellectual property – or appointing administrators.

Major shareholders, including US manufacturer Allison Transmission, investment manager Ruffer and Barclays Stockbrokers, look set to make substantial losses. Over the course of the last 12 months, Torotrak's shares have lost almost 99 per cent of their value.

Last week, it said that its deputy chairman Jon Hilton and chief technology officer Douglas Cross were demanding repayment of a £1.7m loan note. Torotrak said it was disputing the legitimacy o the note, but that the uncertainty had led to “uncertainty surrounding the refinancing discussions”.

Torotrak is part of the FTSE Fledgling index, listed on the main market but too small for the All-Share.

Read more: Ultra Electronics shares plummet after confirming boss departure and warning on UK defence contracts

Original Article

[contf]
[contfnew]

CityAM

[contfnewc]
[contfnewc]

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Politics

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.

Tech

Enlarge/ You wouldn't really want to use Nvidia's ..

Finance

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Finance

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

%d bloggers like this: