News: GSL Greatcell Solar Appoints Administrators To Group After Unsuccessful Attempts To Secure...

Dec 11 (Reuters) - Greatcell Solar Ltd (GSL) :

• APPOINTS ADMINISTRATORS TO GREATCELL SOLAR GROUP OF COMPANIES AFTER UNSUCCESSFUL ATTEMPTS TO SECURE RE-FINANCING FOR ITS ACTIVITIES
• DECISION FOLLOWS A SERIES OF UNFORTUNATE AND UNWELCOME DEVELOPMENTS IN RECENT WEEKS
• GREATCELL SOLAR , GREATCELL SOLAR INDUSTRIES PTY LTD AND GREATCELL SOLAR AUSTRALIA PTY LTD WERE PLACED INTO VOLUNTARY ADMINISTRATION
• "WITH APPOINTMENT OF ADMINISTRATORS, BRI FERRIER, OUTLOOK FOR SHAREHOLDERS IS UNCERTAIN AT BEST'
• HAD BEEN SEEKING FUNDING FOR ITS MAJOR AREA DEMONSTRATION PROTOTYPE PROJECT, HAS NOT FOUND LONG-TERM EQUITY INVESTMENT
• SITUATION EXACERBATED BY POSITION OF SHAREHOLDER TASNEE WHICH SAID IT IS NOT IN FINANCIAL POSITION TO CONTRIBUTE TO CO'S ENDEAVOURS

Source text (http//reut.rs/2UuMB4F)

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