LiteBulb warns shareholders to expect nothing from disposals

LiteBulb warned shareholders not to hold high hopes on Friday, as it updated the market on is disposals and ultimate winding-up.

The AIM-traded branded product designer confirmed that the business and assets of LiteBulb Studios were sold to Hubcom on 11 April, for consideration of £20,000.

It also said the business and assets of Meld Marketing Strategies and Ginger Fox were sold to Hacche Retail for consideration of £131,109 and £321,892 respectively.

All of the businesses were in administration.

“The board cannot give guidance on the timeframe for, or likelihood of, realisations at this stage although the directors believe that there will be no return to shareholders,” it said in a statement.