Shareholders in favour of AssetCo placing

Shareholders in AIM-quoted AssetCo have passed all the resolutions at its reconvened general meeting today after chief executive John Shannon was forced to vote in favour. The outsourced fire services provider obtained an injunction yesterday evening that required Shannon to vote in favour of the resolutions because he had originally promised irrevocable support for them. AssetCo can now raise £16m at 10p a share. Shannon, who owned 29.7% of AssetCo prior to the share placing, believes that there were better options. Shannon supported the Arcapita Bank bid approach. AssetCo still needs more cash and it has not managed to complete the negotiation of a bank facility yet. Three shareholders have offered more cash. North Atlantic Value, Gartmore and Utilico Investments are willing to provide up to £3.33m each in return for shares at 10p each - the latest placing price. This support would be available for up to 12 months or as long as it is required but AssetCo does not have to ask for all of the potential funding. The shares returned from suspension this morning.