(Alliance News) - Mi-Pay Group on Tuesday said its shares were cancelled from trading on the London Stock Exchange effective immediately.
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 sale of Mi-Pay Ltd completed last month.
The firm in January scheduled a meeting for Tuesday to consider resolutions regarding the liquidation of the company. If the resolutions are passed, liquidation is expected to commence immediately.
Mi-Pay 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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