The Italian boatbuilder’s shares have been suspended from the stock exchange as the majority shareholder continues to withhold funds.
Italian motorboat builder Aicon could be heading for collapse as its shares have been suspended from trading and its cash flow comes under pressure.
Aicon’s shares were suspended from the stock exchange on August 31. The shares had reportedly lost 97 per cent of their value since their launch in 2007.
The suspension comes as Aicon struggles for the liquidity needed to maintain operations.
Majority shareholder Lino Siclari had promised in July to make a €3m cash injection into the business. He has so far only provided around €300,000.
There is reportedly tension between Aicon’s management and its majority shareholder over the implementation of a relaunch plan announced in May, that had the establishment of a facility in Brazil among its targets. Siclari has reportedly asked Aicon’s board to consider a restructuring as an alternative to the relaunch.
Founded in 1999, Aicon builds motorboats up to 27m (89ft) in Sicily, southern Italy under the Aicon and Morgan brands.
Source: IBIPlus