On 25 October 2017 Lb-shell plc (formerly Intelligent Energy Holdings plc) (“the Company”), listed on the Main Market of the London Stock Exchange, announced the decision to sell its business and assets, including that of its principal subsidiary Intelligent Energy Limited, to Meditor Energy Limited. The sale left the Company as a non-trading company and the then Board of Directors of the Company formed the view that there is no remaining value in the ordinary shares of the Company and that a voluntary liquidation of the Company may be the only remaining course of action.
Subsequently the Company secured support to recapitalise itself with a new Board of Directors together with an initial £300,000 funding via a convertible note issue.
The new Board will utilise the new cash funds to maintain the Company’s listing while seeking to acquire or invest in a business, which at this point is unidentified. The new Board is agnostic as to which sector it will invest in but will focus on an acquisition or investment that can create significant value for shareholders in the form of capital growth and/or dividends.