You are here
Ayondo shareholders vote to dispose UK unit
SHAREHOLDERS of Ayondo have voted to dispose the Catalist-listed firm’s stake in its wholly-owned UK unit, Ayondo Markets Limited (AML), in an extraordinary general meeting on Monday.
According to a bourse filing, some 135.9 million votes were cast in favour of the disposal, representing nearly 100 per cent of the total number of shares cast in the vote.
Earlier on May 8, Ayondo announced that it plans to sell AML for £5.7 million (S$10.2 million) to Netherlands-registered BUX Holdings, a white label partner of the trading platform developer. Ayondo is seeking to reduce its liabilities through the sale.
Ayondo’s substantial shareholders include Luminor Capital, which holds a 19.85 per cent stake, and non-executive chairman Thomas Wrinkler, who owns 5.66 per cent of the company.
The trading platform developer has faced intense scrutiny over its financial sustainability and corporate governance issues.
Earlier on April 16, the Singapore Exchange Regco had instructed Ayondo to put on hold its planned sale of AML, pending clarity over the group’s financial situation as well as AML’s compliance with UK capital requirements.
Besides concerns over AML, Ayondo also appears to be delayed with regulatory disclosures. On May 28, Ayondo announced that Mr Winkler had transferred 1.2 million of his shares months earlier on Nov 22, 2018 for an undisclosed sum to third parties, who were also existing Ayondo shareholders.
Shares of Ayondo have been suspended since Feb 1, last trading at $0.048.