Safestyle UK PLC (AIM:SFE) is now trading as a cash shell on the AIM market of the London Stock Exchange, according to a statement lodged on the bourse.
The retailer and manufacturer of PVCu replacement windows and doors said on Friday that the listing of the business had fundamentally changed since the appointment of administrators in late October.
It appointed administrators for its subsidiaries HPAS Limited, Style Group Holdings Ltd and Style Group UK Ltd on 30 October, after which it ceased to control the companies and halted all business activities.
In a statement, Safestyle said that its directors are taking legal advice, with the most likely outcome being that Safestyle will be liquidated.
Under AIM stock exchange rules, Safestyle is required to carry out a reverse takeover by effectively making one or more acquisitions into the cash shell, or to switch to become an investing company within six months from appointing administrators.
Safestyle stated that it was not pursuing either route and will instead most likely appoint liquidators, meaning its ordinary shares would then be cancelled.
If it does not carry out a reverse takeover or change its business model within six months of becoming a cash shell then its shares will remain suspended.