LIBERUM Capital has resigned as the nominated adviser and broker to Xcite Energy, a precursor to Xcite’s listing on the Alternative Investment Market (AIM) being cancelled.
The resignation comes just days after Xcite bondholders moved to liquidate the North Sea-focused oil and gas company.
Bondholders had rejected a restructuring deal that would have significantly diluted the interests of shareholders.
Shares in Xcite were suspended on Tuesday, and now its AIM listing is expected to be cancelled in one month’s time.
Xcite, which hit funding problems as it sought to bring the Bentley heavy oil field east of Shetland into production, said earlier this week that the liquidation of the company was “unlikely to result in the return of any value to the company’s existing shareholders”.
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