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Energy consultancy AEA Technology Group, spun out of the UK Atomic Energy Authority in 1994 and floated in 1996, has been struggling for several years as governments have cut back on spending.
But, following several deals with
Lloyds to amend covenants on its bank loans, this week AEA finally conceded that it had been “unable to achieve a long-term solution to the existing levels of net debt” – which stand at £34.3m – and the high cost of servicing its £165.5m pension liability, a remnant of its public sector past.
It said the board had “decided to consider all strategic options to realise value” but did not expect these options to result in shareholders recovering any value.
Shares in AEA have lost 99 per cent of their value this year and, at 0.04p, give the group a market capitalisation of less than £600,000.