Libertine Holdings Ltd. (GB:LIB) has released an update.
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Libertine Holdings PLC has entered administration, with James Clark and Howard Smith from Interpath Advisory appointed as joint administrators after the company failed to secure funds from Reliant FZCO. In a strategic move to minimize creditor losses, the company sold its subsidiaries, Libertine FPE Limited and intelliGEN Inc, to Sam Cockerill Limited for £110,000. Following the sale, Libertine Holdings now operates as an AIM Rule 15 cash shell and must undergo a reverse takeover or become an investing company within six months to avoid its shares being suspended.
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