InterX suspended in its death throes

NEWS Shares in UK web-publishing software company InterX have been suspended as of 11:00(BST) this morning while the company continues to try to pull its business back from the dead. Company directors Mike Shinya and Philip Sant both resigned from the company this morning. Shares were suspended this morning after a plan to sell the bulk of the business was approved by shareholders, leaving InterX without "control over the majority of its trading assets." The only potential business InterX has left, a service called Exemplar, is run by its Italian subsidiary Diligenti, of which InterX only owns 34 per cent. In theory, InterX's shares have only been suspended temporarily, until it buys back the Italian business. However, in a statement to the London Stock Exchange, chairman Richard Jewson expressed grave doubts over InterX's ability to do this. Currently InterX is unable to give a positive working capital statement for the company, which it would be required to do under LSE rules. Jewson also said the company isn't in a position to move over to the AiM exchange for smaller businesses. Last month InterX sold its Net2020 software to The innovation Group (TiG) for just £1.3m, after buying it at the height of the dot-com boom for £250m, leaving it with no ongoing business.