Energis Plc has restated the value of its subsidiaries in its accounts following its admission last week that it could not find a buyer for its German web-hosting and internet services operation Ision Internet AG, just over a year after it completed the acquisition of the business for almost $1bn.

The restatement of the value of Ision and its Swiss subsidiary, Energis (Switzerland) AG, both of which it pulled the plug on last week, has brought its net assets down to a level that has triggered a UK law which obliges it to convene an extraordinary general meeting.

London, UK-based Energis, which is in extreme financial difficulties, said that constructive discussions with its banks, an ad hoc committee of bondholders and potential investors are continuing and it would either make a debt-to-equity swap or look to be acquired.

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