Antony Batty & Company (“ABc”) has recently advised two more listed Companies – Curzon Energy PLC and Electric Guitar PLC – on restructuring their balance sheets in order to be relisted as non-trading Investing Companies, often referred to as “Shell Companies.” In both instances, Company Voluntary Arrangements (“CVA”) were used as part of the restructuring process. Antony Batty, Licensed Insolvency Practitioner, was Nominee and Supervisor of both CVAs.
Antony Batty was also appointed Liquidator of Partway Group PLC in 2024. These appointments mean that ABc has now advised over 25 Main Market and AIM listed PLCs in recent years, as well as a similar number of listed Venture Capital Trusts (“VCTs”). Take a look at an earlier testimonial for our work in this area from Cogenpower PLC.
Advising Main Market and AIM listed PLCs, and the use of CVAs as part of the restructuring process, is a highly specialised area of insolvency work in which ABc is recognised as a market leader. In this article we summarise our work for Curzon Energy PLC, Electric Guitar PLC and Partway Group PLC.
The Restructuring and Relisting of Curzon Energy PLC on the LSE
The Board of Curzon Energy PLC, listed on the London Stock Exchange Main Market approached ABc following a recommendation from their City based Corporate Finance advisors. Curzon had conducted due diligence on over a hundred acquisition opportunities but despite agreeing exclusivity periods with three companies failed to conclude a transaction. This left the Company with debts of over £3m and only minimal assets.
In September 2024 creditors and members of Curzon agreed CVA proposals, following which Curzon changed its name to Corpus Resources PLC. The CVA, which was completed in February 2025, provided for creditors to convert their debt into equity, which in conjunction with new funds being raised, led to the shares being relisted on the London Stock Exchange for trading.
The Restructuring and Relisting of Electric Guitar PLC on the AIM
The Board of AIM Listed Electric Guitar PLC approached ABC in late 2024, following Liquidators being appointed to the Company’s main trading subsidiary, which left the PLC with no prospect of realising its loan and investment in the trading subsidiary, and debts of over £1 million. Working closely with the Company’s AIM Nominated Advisor, ABc were able to utilise their expertise in such situations and again assisted the Board make CVA Proposals to creditors and members which provided for creditors to convert their debt into shares in the company, thereby restoring it to solvency.
The CVA Proposals were approved in March 2025 and the shares have since been relisted for trading on the AIM and it is also seeking a reverse takeover.
Our work for Partway Group PLC
Having disposed of its trading business the Board of Partway Group PLC decided to terminate the Company’s AIM listing and to return surplus funds to shareholders, by way of a Solvent Liquidation (Members Voluntary Liquidation or MVL). Antony Batty was appointed Liquidator of the Company at a General Meeting of shareholders in 2024.
Antony Batty commented:
“The Company Voluntary Arrangements of Curzon Energy PLC and Electric Guitar PLC provided a good result for all stakeholders in both Companies. The likely alternative would have been a total loss of value for creditors and shareholders.
Both Companies can now start the search for a reverse takeover without historic liabilities. ABc did the first CVA of this type in 2000 and since then I am proud to have helped so many listed Companies restructure their balance sheets giving their creditors and shareholders an opportunity to participate in their future success.”
Using Company Voluntary Arrangements to restructure insolvent AIM and main market listed companies
ABc pioneered the use of Company Voluntary Arrangements to reorganise and restructure Main Market and AIM listed companies that had entered insolvency, enabling them to relist. This provided value for creditors and shareholders. Prior to this, the most likely outcome would have been liquidation.
With insolvent listed companies, the very fact that they are listed means that they still have some value because of the considerable costs that are associated with gaining a new listing on the Main Market, The Alternative Investment Market or Ofex. Professional fees can run into hundreds of thousands of £s for preparing a listing. For that reason, dormant listed companies – usually referred to as shell companies – are attractive to other companies wishing to list if they can be reversed into the shell, thus avoiding the cost of listing.
In order to realise the value of this potential asset, the shell company needs to be restored to solvency by restructuring its balance sheet. This is done through the use of Company Voluntary Arrangements. Here, the creditors of the insolvent listed company exchange their debt for shares in the new company, under the terms of the CVA. The acquirer may also pay monies into the CVA for distribution to the creditors in addition to their receipt of shares.
This is the technique used in the case studies above. Take a look at this article for more details.
Contact us for more details on the use of Company Voluntary Arrangements in Insolvent Listed Companies
Main Market and AIM listed company insolvencies and the use of Company Voluntary Arrangements require the Insolvency Practitioner to have specialist expertise. Antony Batty & Company has that specialist expertise to help listed companies restructure and re-list successfully.
Contact Antony Batty or call us on 0208 088 0633 for more details on this specialist area of insolvency. The initial discussion is FREE.
