Shareholders in Oak Holdings have approved the proposed CVA and the new investing policy of the shell.
A placing has raised an initial £1m at 0.1p a share and additional demand for shares means that a further £700,000 is being raised at the same price. The shares come back from suspension on 18 April. At 1.25p a share, Oak is currently valued at £690,000. In reality, the number of shares will be much higher when all of the new shares are admitted to trading.
The company is also changing its name to Pires Investments. Former Durlacher corporate financier Peter Redmond and Assmir Quraishi, who is on the board of Aim-quoted shell Creon Resources, have joined the board.
Pires plans to move into the resources or energy sector with a primary focus on Asia.
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