Minorplanet Solutions' shares suspended

SHARES in vehicle tracking firm Minorplanet Solutions were suspended yesterday after its South African backer called in a £3m loan as the group was hit with another winding up petition.

The Leeds-based company, which uses satellite tracking to help

companies cut vehicle fleets' emissions and fuel consumption, had been banking on the support of DigiCore, a Johannesburg Stock Exchange-listed vehicle tracking firm.

Hide Ad
Hide Ad

DigiCore rescued the group's UK business from administration less than a month ago. It lent 3m to MPS 2010, a newly-formed subsidiary, which in turn bought the group's intellectual property, plus its UK arm out of administration.

HMRC subsequently suspended a winding up petition for the UK business over unpaid taxes.

But last night Minorplanet said DigiCore called in the loan after the group was issued with a winding up petition from Royal Bank of Scotland on behalf of Assembly Contracts Ltd over a 0.3m debt.

"The board is seeking to address the winding up petition... and is considering the implications of the enforcement notice on the financial position of the company," it said.

Hide Ad
Hide Ad

Under the terms of the deal, Minorplanet had until November 14 to repay the loan or DigiCore could end up owning more than 30 per cent of its shares.

As a result of its action, DigiCore now owns the entire share capital of MPS 2010.

Minorplanet could not be contacted for comment last night.

Related topics: