27th Feb 2019 11:40
LONDON (Alliance News) - HaloSource Corp on Wednesday said its shareholders approved the company's shares cancellation from trading on AIM, which will occur on March 12.
The water technology firm held a meeting of shareholders on Tuesday where they voted on the share delisting and asset sale to Strix Group PLC.
At the beginning of February, HaloSource received an offer from Strix, a designer and manufacturer of kettle safety components, to acquire the majority of its assets for USD1.3 million in cash.
Back then, HaloSource said it will use the cash from the sale to pay its creditors. It does not, however, expect any payment to shareholders.
HaloSource shares have been suspended from trading since December as the company said it was looking to raise extra cash, but added it was unlikely any transaction will be sufficient to fund the company as a going concern.