HELIUS Energy, the renewable firm backed by Scottish entrepreneurs Alastair Salvesen, Angus MacDonald and Ann Gloag, has taken steps to move into voluntary liquidation.
Today will be the last day of trading for Helius shares on the Alternative Investment Market (AIM), the company has announced, with the board now seeking a liquidator in a bid to return capital to shareholders.
The move comes after Helius offloaded its 50 per cent shareholding in the Helius CoRDe renewable energy plant in Rothes, Speyside, and confirmed it was no longer proceeding with plans to develop projects in the port of Avonmouth, in Bristol, and Southampton.
The stake in Helius CoRDe was acquired by Leo Energy, a subsidiary of iCON Infrastructure Partners II, for £12.3m - in excess of the company's initial £7.85m investment in the company.
Shareholders in Helius voted in favour of resolutions to sell its CoRDe stake and cancel its admission to trade on AIM at its annual meeting on March 20.
Mr Salvesen, scion of the famous shipping dynasty, is the majority shareholder in Helius with a 26.45 per cent stake. Mr MacDonald holds 18.03 per cent and Ms Gloag 9.15 per cent through her Highlands and Universal Investments vehicle.
In its most recent accounts, covering the year ended September 30, Helius booked a pre-tax loss of £15.3m.
The accounts, filed before the sale of its stake in Helius CoRDe, show that the company had incurred costs of £13.6m linked to the development of the Avonmouth and Southampton projects by the close of the period. Total assets were booked at £9.69m and total liabilities were £553,034, leaving total net assets at £9.1m.
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