Beleaguered mobile software developer Globo (LON:GBO) has gone into administration.
Chad Griffin, Simon Kirkhope and Lisa Rickelton of FTI Consulting LLP were appointed as Joint Administrators of Globo Plc, by order of the court on 3 November.
The move into administration follows the disclosure of certain matters regarding the falsification of data and the misrepresentation of the company's financial situation, as reported in various announcements since the shares were suspended on 23 October 2015.
"Our focus is to undertake an immediate assessment of the group in order to evaluate any opportunities to realise value from the various businesses,” said one of the joint administrators, Chad Griffin.
“We will also be looking to gain control of the books and records in order to be in a position to undertake a full investigation. These steps will be done in close consultation with the requisite regulatory bodies," Griffin said.
In a bleak conclusion to the stock exchange announcement, the company said no dividends are expected to be available to shareholders and the administrators would be applying to delist the company’s shares from AIM in due course.