(Alliance News) - Conduity Capital PLC on Friday said that it will now undertake a solvent liquidation, as shareholders have voted against the "future direction of the company."
Conduity Capital said that shareholders voted against the "sole" resolution put forward at Friday's general meeting.
"The resolution was related to the future direction of the company, and since the resolution failed to pass, the company will now undertake a solvent liquidation and distribute its assets back to shareholders," it added.
Back in August last year, Conduity announced plans to buy Cork, Ireland-based managed security service firm Smarttech247 for GBP33.5 million through the issue of new Conduity shares.
The transaction was considered a reverse takeover under London's AIM rules.
On Thursday, Conduity said that Smarttech247 has now decided that it will seek a quotation by way of a direct IPO rather than by a reverse takeover.
It will now be seeking a listing on London's AIM in the fourth quarter of this year.
"The board of Conduity continues to believe that Smarttech247 represents an attractive investment opportunity and therefore Conduity is in the process of agreeing a refund of all costs that it has incurred to date in connection with the RTO, which would then be used to subscribe for new shares in Smarttech247 on the IPO," Conduity said.
Conduity shares have been suspended from trading on AIM in London since October as a result of the planned takeover.
By Sophie Rose, Alliance News reporter
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