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Intelligent Energy hit after funding plan falls through

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Intelligent Energy shares plunged today after the company admitted a new funding deal has failed to materialise.

The company said there is no certainty a funding plan can be completed at all and is it now reviewing its options.

In a statement, it said that “in light of recent and unexpected developments in the discussions with various parties” the company will not be able to complete a funding process, in by the end of quarter one, 2016.”

Last month the energy technology firm received proposals to invest in the equity of its Indian energy management business and received offers for a convertible bond.

These will not now be completed in line with its target of the end of the first quarter.

Shares in the company were down 88% to 5.28 pence on the news.

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