Eagle-i shares suspended
SHARES in Eagle-i Holdings, the developer and supplier of vehicle positioning and fleet management technology, were suspended this morning.
The business, based in Runcorn, Cheshire, said it had received a request for the immediate repayment of certain liabilities and was consulting principal shareholders. A further announcement is expected.
Last month the business agreed almost £2m in director and family loans as pre-tax losses increased by 34%.
Group turnover increased 16% to £1.5m for the year to the end of November 2008 from £1.29m in 2007, but its pre-tax loss rose to £1.68m, compared with a loss of £1.25m a year earlier.
The company took a £1.2m loan from non-executive director Terry Krell who paid the money to the Royal Bank of Scotland in March to satisfy his personal guarantee of the bank loan.
Eagle-i also entered into three more separate loan agreements, worth £250,000 each, with Belgravia Homes, a company controlled by company shareholder Melvin Lawson; Stuart Krell, the brother of Terry Krell; and Stross Financial Services, controlled by non-executive director Ralph Stross.
At the time chairman Rodney Graves said the firm’s sales pipeline had “strengthened considerably” but the board remained cautious of the continuing difficulties in the financial markets and the impact on the availability of lease finance.
