PPL Holdings Plc, whose shares were suspended at 81 pence on November 30, yesterday delivered the shock news that despite concerted efforts since November, it had been unable to raise new capital, and had asked Barclays Bank to install a receiver. The receiver, from Price Waterhouse, says that the Sheffield Micro subsidiary is not in receivership and will be sold quickly to the most appropriate of several keen suitors, and marketing rights to PPL’s manufacturing software packages willbe sold where PPL held such rights. The UKP9m-a-year London SE firm went public via a placing only in February 1986 (CI No 337), and quickly ran into a cash crisis. It was brought to market by J Henry Schroder Wagg with Cazenove as broker, and Schroders now doubts that all was well even the: it suspects that PPL had been recognising revenue from future sales before the products were paid for, and is seeking advice on possibly suing the auditors, Deloitte Haskyns & Sells, on behalf of shareholders.
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