Electric Guitar PLC (AIM:ELEG) has confirmed the liquidation of its subsidiary, 3radical Limited, following shareholder and creditor approval on December 23, 2024. Christopher Errington and Paul Ellison of KRE Corporate Recovery Limited have been appointed as joint liquidators.
As a result, Electric Guitar has ceased its previous trading activities and no longer generates operating revenues. The company has transitioned into an AIM Rule 15 cash shell and must either complete a reverse takeover or secure re-admission to AIM as an investing company by June 24, 2025, to avoid suspension of its shares from trading on AIM.
The company has minimal cash resources and known liabilities of approximately £1 million. The board is currently evaluating various strategic options, including seeking financing to pursue an acquisition strategy.