Ultrasis calls in administrators after fundraising fails

LONDON (ShareCast) - Healthcare services (NasdaqGS: HCSG - news) group Ultrasis has declared itself bankrupt after a failed attempt to raise cash from its major shareholder Paul Bell. Last Friday, the AIM-listed company confirmed that Bell, its largest shareholder with a 22% stake, was "no longer in a position to participate".

As efforts to find cash from other potential investors has fallen on deaf ears, the company on Wednesday decided to appoint a pair of KPMG administrators.

The group, which has remained reliant on Bell for its working capital needs, had planned to raise £5.37m via a subscription, open offer and loan facility, though the plan was put into doubt in late March when Bell said he could not commit to the refinancing.

But Ultrasis, whose products include the NHS-backed anxiety-beating website Beating the Blues and workplace stress service Calmworkplace.co.uk, had held out as management could not determine "with absolute certainty" whether Bell would proceed.