Former Wireless Things owners hit hard by Nottingham closure
The owners of the 365 Agile Group have confirmed just six months to make an acquisition or they will have to seek re-admission to the AIM market.
The news comes after software company closed its Nottingham-based Wireless Things company last month. At the same time it completed a reverse takeover of 365 Agile Limited and changed its name.
Wireless Things was bought by Agile365 in February last year. The firm specialised in the manufacturing of ‘internet of things’ products.
In a statement to the Stock Market this morning, 365 Agile said: “Following the closure of Wireless Things, the company is now deemed to be an ‘AIM Rule 15 cash shell’ and has six months to make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules or otherwise seek readmission as an investing company with the attendant requirement to raise at least £6 million on or immediately before such readmission.
“The company continues to own the intellectual property to the 365 Agile suite of software solutions. The income from the Licence Agreement covers the company’s day-to-day costs but is unlikely to be sufficient to fund any material acquisitions.”
The closure of the Nottingham operations has hit 365 Agile hard with a profit of £100,000 in 2015 being turned into a loss of £3.2m for the year-ending 30 June.
