Directa Plus (LSE:DCTA) told investors its Italian unit, Directa SpA, faces a formal distress procedure unless fresh funding arrives, and the group has halted trading of its AIM stock with immediate effect.
The board of Directa SpA informed Directa Plus that "the chairman of the board of the Italian statutory auditors has indicated that they would request that Directa SpA enter into the negotiated settlement procedure for resolving corporate distress, as provided for in Articles 12 et seq. of Legislative Decree No. 14/2019 (the Italian Code of Business Crisis and Insolvency), unless the board of directors of the Directa SpA were to decide upon an alternative course, including voluntary liquidation," the announcement said.
As voluntary liquidation would "offer a more orderly and flexible process, the Board of Directa Plus is reporting that Directa SpA will continue to operate with the current two Directors, Giulio Cesareo and Gianluigi Contin, until liquidation," the company added. The liquidation decision must be certified by an Italian notary, a step the release said is anticipated to be completed in late April; the directors remain in office until certification.
The update follows a 30 March 2026 warning that the group is under increasing financial strain and needs additional funding to remain a going concern. The board has asked an institutional investor whether the "up to £2.5m" funding facility announced on 30 March can be progressed and intends to "immediately engage corporate restructuring advisers to protect stakeholder's interests," the company said.
Management is also continuing to advance the potential sale of non‑strategic land held by its Romanian environmental remediation subsidiary Setcar SA and is evaluating options for the sale of Setcar.
Citing ongoing financial uncertainty and limited working capital, Directa Plus has requested that its shares be suspended from trading on AIM with immediate effect.
