In a disappointed statement, biotechnology company PPL Therapeutics said it believed the ‘lengthy and uncertain’ process of a members’ voluntary liquidation (MVL) was unlikely to produce much better realisations for shareholders than 5.5 pence per share – its offer under the privatisation proposal.
But PPL said it was now ‘almost certain’ to enter an MVL because a failed attempt to win shareholder support for its plans would deplete funds available for distribution. The news is a blow to the company’s executive directors, who had hoped to take over ownership of the firm.
Dolly became the first successfully cloned adult mammal in 1997, but the euphoria of the achievement was short lived; the sheep died just six years later.
PPL went on to win another first – this time the cloning of pigs capable of providing organs for humans. But the company’s subsequent projects met with less success and it announced losses of £12.8m for the six months ending 30 June last year.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies