Adwalker Appoints Liquidator
Adrian J Cotterill, Editor-in-Chief
Not sure exactly who thought it made a good idea for a standalone business – the strapping of LCD screens onto people’s chests. Those who have done it well, folks like Pixman Nomadic Media and Cubb (when they are not suiting each other) have succeeded because of the brand relationships they have built up and the continual business they pick up from agencies EVEN then Pixman don’t seem to have a clue how to make that incredibly profitable nor link their fixed and mobile solutions together in any coherent way.
It’s no surprise then that Dublin based, AIM Listed Adwalker went into liquidation Wednesday 8th July…
Adwalker Plc (“Adwalker” or “the Company”)
Suspension of Trading on AIM re Financial Position
On 1 May 2009 the Company announced in a trading update that, amongst other things, in order to meet its obligations as they fall due the Company was reliant on the Directors and senior management deferring their salaries and the continuing support of its other creditors. In the event that any of this support was removed then the Company, in the absence of a significant increase in sales, increased bank facilities or a fundraising, would not be able to meet its obligations as they fell due.
The Company announces today that it has not been able to conclude a fundraising, increase its bank facilities or increase its sales to a level to allow it to meet its obligations as they fall due and for the Company to continue to trade as a going concern.
Consequently, the Board has resolved to seek to appoint a liquidator to the Company and to request an immediate suspension of trading of its Ordinary Shares on AIM pending clarification of its financial position.
Further announcements will made in due course.
Adwalker failed to get over the hurdle of just doing one-off campaigns, never got its franchise / VAR house in order, never broke into the US (despite a costly NY office) and even though it tried and tried never quite broke into the fixed media sales network (that will be the ice cream deal with Unilever) that it promised its investors.
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