In the results, prepared on a going concern
basis, GC also said that revenue had fallen to £4.2 million over
the period, compared with £6.6 million in the same period in
2007.
Go deeper with GlobalData
The lessor’s asset finance segment also saw
revenue fall, by around 10 percent year-on-year, to £1.4 million in
the second half of 2008.
“The company is only continuing to trade due
to the support of its bankers and although the company’s
discussions have been and remain constructive there can be no
certainty that this will always be the case,” General Capital
said.
The lessor’s shares have also been suspended
from trading on AIM, due to its advisor and broker, Collins Stewart
Europe, resigning.
In its interim report, GC had said that it
intended to cut operating costs “drastically”, hinting at it
delisting from AIM.
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By GlobalData“An unfortunate consequence of the aggressive
cost-cutting referred to in the interim announcement has been to
eliminate fees and costs payable to certain of the company’s
advisors, including those in connection with its AIM listing,” said
David Hickey, GC’s chairman.
“The company’s present deficit to its banks is
of such a scale that it is currently difficult to see any future
value for ordinary shareholders of the company,” the company
added.
Meanwhile, General Capital also announced it
had sold its finance broker subsidiary Norton Folgate to its management.
