News

Voller to wind down, divi planned

17 November 2008 10:18:00

Battered fuel cell systems group Voller Energy is looking to wind down the business and return cash to shareholders by way of a dividend after failing to secure new funding.

The AIM listed firm said it has explored all routes available to it with regard to obtaining the extra funding needed to exploit the market for its Emerald range of fuel cells.

"Although the company has achieved the creation of a marketable product, not all of the original strategic objectives of designing, developing, manufacturing and marketing fuel cell systems can be achieved," it said.

Voller has already shipped the Emerald fuel cell to initial customers and thinks the technology could be the focus of a successful business model given access to suitable funding.

Once the cash has been returned to shareholders it intends to remain traded on AIM as a cash shell.

AIM rules stipulate that as the group will have no trading business it must seek the consent of shareholders for an investing strategy.

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