Shareholders have approved Hertford International Group’s CVA and its change of name to Otium Ventures.
Shell company Otium believes it can use its expertise in the payment systems and card technology area in the leisure industry.
The CVA is expected to pay unsecured creditors 2p in the pound and leave Otium debt free.
Former Nat West Stockbrokers director Leonard Russell has been appointed to the board. There are more board appointments to come.
The restructuring of the company appears to have progressed with ease but now it has to find a new business. Russell says that he expects “the leisure sector will boom after the depression of the past year” which is very optimistic to say the least. Otium will apparently be likely to be supplying technology to the leisure sector so customers need to be confident to make this type of investment.
The shares have returned from suspension and fallen 2.5p to 4p a share. That values the shares currently in issue at £1.94m.
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