(Alliance News) - Mi-Pay Group PLC said that shareholders voted in favour of a resolution to liquidate the company in a general meeting on Tuesday.
In January, shareholders in the mobile payment and payment fraud management firm voted in favour of resolutions to sell its wholly-owned trading subsidiary Mi-Pay Ltd to Alphacomm BV for GBP792,000 and to cancel its shares from trading.
The shares were cancelled on AIM effective immediately. The sale of Mi-Pay Ltd completed last month.
In January, Mi-Pay scheduled a general meeting for Tuesday to consider resolutions regarding the liquidation of the company. The resolutions were passed, and Alex Cadwallader and Neil Bennett of Leonard Curtis Ltd have been appointed as joint liquidators to carry out a members' voluntary liquidation of the company.
Mi-Pay said it will return capital to its shareholders via a members' voluntary liquidation. It expects to have about GBP700,000 cash resources to make total distributions to its shareholders, equivalent to 1.5p a share.
The company estimates it will take between three and nine months to complete the liquidation, distribute the cash surplus to shareholders and dissolve the company.
By Ife Taiwo; ifetaiwo@alliancenews.com
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