Rage Software shares suspended

Shares in UK-based Rage Software, perhaps best known for the recent releases of Rocky and Rocky , have been suspended on the London Stock Exchange after their price fell by 0.65 pence to 0.32 pence.

The sudden drop in the share price was triggered when, shortly before the close of trading yesterday, Rage released the following statement: "The company regrets to announce that following a review by its bankers, the group's banking facilities have been discontinued." Seven minutes later Rage asked for its shares to be suspended.

"Further to the announcement made by the company on Monday 13th January outlining that its existing bank facility with the Bank of Scotland had been withdrawn, the company has continued to work with its legal advisors and bankers to find a satisfactory outcome," a Rage spokesperson told us earlier today. "The company is naturally very disappointed with this news and is expected to be able to announce further news in due course."

Rage Software currently has a number of games in development including Rocky , Rocky , and the promising Xbox-exclusive Rocky . It's not yet known whether any of Rage's current projects will be affected by recent events, but sources inside the company have suggested that while they are continuing to look at obtaining different banking facilities, they are also in discussion with the bank's receivers, and this transfer of ownership could take place within the next 24 to 48 hours. The sale of Rage's four development studios and key products such as Rocky, Lamborghini, and Team SAS have not been ruled out, nor has the overall sale of the whole company. But sources suggest that time is of the essence for any serious bidder to emerge.