Greatcell Solar appointed administrators

The Directors of Australian Greatcell Solar Limited (ASX: GSL) advised that the decision was taken to appoint administrators to the Greatcell Solar group of companies »following sustained, but ultimately unsuccessful, attempts to secure re-financing for its activities.« Greatcell Solar Limited, Greatcell Solar Industries Pty Ltd and Greatcell Solar Australia Pty Ltd were placed into voluntary administration. According to the company, the decision follows »a series of unfortunate and unwelcome developments in recent weeks, including the death of Chief Scientist, Hans Desilvestro in a mountaineering accident on 10 November.«
Strategic shareholder Tasnee has recently advised that it is not in a financial position to contribute to the company’s ongoing endeavours, says GLS. »We consider all known options for the survival of Greatcell Solar as it is currently structured have been exhausted. However, we do not believe that the operations of our 50 percent subsidiary, Greatcell Solar Materials, a manufacturer of specialty chemicals, will be affected by these developments.«

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