(Alliance News) - In The Style Group PLC on Tuesday announced the planned sale of its only subsidiary, In The Style Fashion Ltd, and said it plans to become a cash shell named Itsum PLC.
In The Style shares fell 78% to 1.55 pence each on Tuesday afternoon in London.
The Manchester-based digital fashion brand said it completed its strategic review, saying that it will sell In The Style Fashion, for GBP1.2 million cash to Baaj Capital, a UK-based private family office.
In The Style now plans to change its name to Itsum PLC, and become a cash shell. The firm said it also wants to cancel its shares on AIM after the completion of the sale. Shareholders will be able to vote on all this at a general meeting to be called by the company.
The company started the strategic review in December, when Chief Executive Officer & Founder Adam Frisby returned to the company as CEO, after leaving for one year.
Back then, In The Style reported that in the six months to September 30, it turned to a pretax loss of GBP3.1 million, from a profit of GBP890,000 a year prior, as revenue dropped by 11% to GBP26.6 million from GBP29.8 million.
By Tom Budszus, Alliance News reporter
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