Cantono adjourned its general meeting to gain approval for its withdrawal from Aim in order to have more time to persuade shareholders that it is a good idea.
The general meeting was supposed to be held after the data centre operator’s AGM on 25 February 2009 but it has been adjourned until 9 March.
All the first six AGM resolutions were passed but the seventh resolution, which would reduce the number of directors required for a meeting to be quorate, was not passed.
Gartmore sold its 2.15m shares in Cantono on 17 February 2009.
Cantono needs to gain approval from 75% of the shares voted at the meeting.
Bermuda-based Troon Management Services Ltd owns 22.7% of Cantono, Barclays 5.4%, Barnard Nominees 5.3%, Noble VCT 3.4%, Invesco 3.4% and Legal & General 3.4%. Voltera Ltd, a company owned by former Cantono director Willem de Geer, owns 5.1%. Voltera also holds 286,000 unapproved share options exercisable at 0.5p a share. Cantono directors own less than 3%.
Cantono subsequently reported its interims which showed a loss on continuing operations of £1.03m in the six months to November 2008. The Fareham data centre business had not started generating revenues in this period.
At 0.75p a share, Cantono is valued at £230,000. The company’s net asset value was £3m at the end of November 2008. Part of that discount to NAV is done to the proposed cancellation of the Aim quotation but the shares were already trading at a discount.
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