Repairs and recycling company Anovo has asked for its shares to be suspended and brought in a new CEO Thierry Tomasov to replace Michel Resseguer as the troubled company struggles to raise funding.
The parent group, based in Paris, has also delayed posting its results for the third quarter, which were scheduled for today, while it ‘takes stock of the progress of discussions with new investor potential’.
In a statement the group said: 'Anovo, the European leader in sustainable product lifecycle management for consumer electronics, has requested NYSE Euronext to halt trading of its shares and convertible bonds until further notice.
'As indicated in the announcement of FY 2010/2011 first-half results, the Group is actively pursuing options to obtain additional financing to meet its operating requirements. To this purpose, Anovo is currently in discussion with a number of potential new investors.
'In this environment, and notably in light of the high volatility and trading volume of Anovo’s shares, this trading halt has been requested by group management to ensure equal treatment of shareholders.
Anovo UK was appointed by Samsung to manage the repair and associated logistics for its mobile phone end user repair business in the UK in February last year.
It also handles repairs of Sony Ericsson handsets, achieving the manufacturer’s Repair Level 4 accreditation last September.