AMTE Power PLC - Notice of Intention

AMTE Power PLC, a Thurso-based battery manufacturer, has announced its intention to appoint Richard Bloomfield of FRP as administrator, after the board concluded the company has insufficient funds to keep trading.

Last month, AMTE Power announced that Pinnacle had agreed to provide a subscription, placing and convertible loan facility to the company. However, Pinnacle has declined to advance funds under the loan, and the board has no other options to secure financing in the time available.

FRP is running an accelerated sale process for the company, whose shares have been suspended from trading on AIM.

Arena Investors LP has a registered charge against the company.