"Despite numerous assurances from the investors, and notwithstanding that the board remain hopefully that the funds will be received in the coming 3 to 4 weeks, the board is currently unable to confirm when, and indeed if, those funds will be received," LED said in a statement.
"The company continues to experience significant constraints on its working capital. As a result of this, as previously announced, the board is endeavouring to secure alternative funding in the near future which may not be forthcoming," LED added.
It warned that it will have to take action to satisfy its creditors if the funding doesn't emerge within six to eight weeks, which may result in shareholders' value being "severely reduced or becoming nil".
LED also said that it will apply for another extension for the some
LED shares were Thursday quoted at
Most Popular Stories
- Small-Business Loans Fueling Economic Growth
- Illegal Immigration Near Historic Low, Despite What You May Have Heard
- Gasoline Costs Drive Consumer Price Increases
- Saudi Arabia Will Open Stock Market to Foreigners
- Tesco Head Steps Down After Profit Warning
- Want a Job? Try Minneapolis
- Russians Fed Steady Diet of Conspiracy Theories
- Comic-Con Offers Toy Designers a Chance to Go Wild
- Google Chrome Bug Draining Batteries: Report
- Durbin Drubs Walgreen for Possible Tax Dodge