(Alliance News) - Matomy Media Group Ltd on Friday said bondholders narrowly voted to a reject another resolution that would have forced the company to sell its 90% stake in Team Internet AG.
Shares in Matomy were up 16% at 2.62 pence in London in morning trade.
The resolution was put forward by the trustee of the bondholders. The vote was quorate, as 79% of bonds were represented. 53% voted to reject the resolution while 47% voted in favour.
The media firm, which is headquartered in Tel-Aviv, announced on Tuesday last week that its bondholder trustee had convened a meeting to vote on immediate repayment.
The resolution demanded full bond repayment unless a binding share purchase agreement to sell the stake, for enough money to repay the bonds with interest, was signed by November 6.
A resolution in July which also demanded repayment was similarly rejected, and with the same ratio of votes in favour and against the proposal.
Matomy has been working to sell its Team Internet stake and repay bondholders and opposed the trustee resolution, saying last week that "a unilateral decision to demand an immediate repayment of the bonds may materially prejudice the chances to complete such sale."
The company is currently in talks with an undisclosed firm which is interested in buying the Team Internet stake and has signed a non-binding letter of intent. Rainmaker Investments GmbH, which owns the other 10% stake, dropped out of talks to be Team Internet's sold owner.
By Anna Farley; annafarley@alliancenews.com
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