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February 10, 1997updated 05 Sep 2016 12:01pm

VIRTUALITY GROUP IN FINANCIAL STRAITS AFTER SHARE SUSPENSION

By CBR Staff Writer

The situation at virtual reality games pioneer Virtuality Group Plc, Leicester, which asked for its shares to be suspended pending clarification of the group’s financial position (CI No 3,095) is thought to be pretty desperate and unless it can negotiate a cash injection or a takeover by a larger electronics group. Then the dark shadow of the receiver looms – according to the Daily Telegraph, the company had just 1.64m pounds of cash left at the interim stage, and has no overdraft facilities to draw on. An insider told the paper, I don’t believe there is a bank in the world that would lend us cash.

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