24th Mar 2023 14:26
(Alliance News) - In The Style Group PLC on Friday said its shareholders approved a sale resolution to become a cash shell under AIM rules on the London Stock Exchange.
The Manchester-based digital fashion brand said 59% of votes cast were in favour of the sale, with a turnout of 62%.
It is expected the sale completion will occur on March 27.
As a result, the company intends to implement a members' voluntary liquidation of the company "as soon as practicable". This is in order to distribute the net proceeds of the sale, which are expected to be around GBP500,000 before deductible costs and expenses associated with the liquidation.
General administrative costs will also have to be deducted, due to the cancellation resolution not passing at the general meeting of shareholders. This means it will have to remain an AIM-listed company, as 59% of shareholders voted to approve the cancellation, below the 75% threshold to pass under AIM rules.
Upon completion, In The Style will become a cash shell under AIM rules with no operating business.
It said the company's shares will be suspended from trading six months after completion which is expected to be September 27, also under AIM rules, if the members' voluntary liquidation has not completed by then.
Admission to trading on AIM would be cancelled six months from the date of suspension, In The Style said.
Shares in In The Style fell 27% to 0.62 pence each in London on Friday afternoon.
By Greg Rosenvinge, Alliance News reporter
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