It is not just pouring down, it is a hurricane now: more trouble in Monstermob-land, as founder Martin Higginson, who rejoined as a non-executive director recently, sold four million shares to LaNetro Zed, increasing Lanetro’s stake to 66.07 percent from 52 percent. He sold 4.09 million shares at 50 pence each, lowering his stake to 4.0 million shares or 3.09 percent of the total issued capital.
Meanwhile, the company also said it was seeking cancellation of its AIM listing, citing the high costs and administrative burden associated with admission. The company added that it feels there is ‘little further prospect’ of raising material funds through AIM. The de-listing needs to be approved at its AGM on July 19 and the company expects cancellation to take effect by July 28.
Times UK: By negotiating direct with Higginson and other big shareholders, Zed succeeded in picking up a total of 17 million shares to raise its holding to 66 per cent – close to the 75 per cent of votes it would need to take the group private. That angered smaller investors, who had backed Zed’s refinancing four months ago despite the possibility of a 65p all-share bid from its Chinese peer Linktone.