(Alliance News) - Mi-Pay Group PLC on Monday said that the resolutions to sell its wholly-owned trading subsidiary Mi-Pay Ltd to Alphacomm BV for GBP792,000 and to cancel its shares from trading, were approved at a general meeting on Monday.
Mi-Pay Group shares were down 12% at 1.02 pence each on Monday afternoon in London.
The mobile payment and payment fraud management firm said the sale of Mi-Pay has now been completed. It also added that the last day of trading of its shares on the London Stock Exchange will be February 3.
Mi-Pay Group said that it has scheduled another general meeting for February 4 to consider resolutions regarding the liquidation of the company. If the resolutions are passed, liquidation will commence immediately.
In December, the company said it will return capital to its shareholders via a members' voluntary liquidation. It said it expects to have about GBP700,000 cash resources to make total distributions to its shareholders, equivalent to 1.5p a share.
By Ife Taiwo; ifetaiwo@alliancenews.com
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