Vphase shares suspended on AIM

VPHASE, the small AIM-listed Ellesmere Port company, has suspended its shares pending an announcement.

The firm, which is behind a device which can save householders’ money by cutting their electricity bills through voltage optimisation, has seen the value of its shares fall over the last month. The shares are now 0.175p, having traded at 0.4p a month ago.

On June 5 it said it was at an advanced stage of raising funds via a share placing, but warned if this was not successful, it would not have sufficient funds to operate and shareholder value would be wiped out.

At the time Vphase said it “fully expects” its placeing to be successful, but added: “In the event that it is not successful, the Company is unlikely to have sufficient funds for its present purposes and the directors will have to consider all options, which may result in little or no value for shareholders of the company.”

The company said that since its annual results in March, there had been a ” noticeable slowdown in the demand for energy efficiency products” as customers come to terms with the Government’s Green Deal policy.

Vphase added: “This has had a short term impact on the group’s performance in the first five months and full year expectations are currently being reviewed.”