Intandem Films is placing its businesses into liquidation and entering into a CVA.
The new directors believe that there is no longer a sustainable business for a quoted company and no real chance of attracting additional investment. The AIM quotation is being cancelled on 23 March because the shares have been suspended for six months but once the CVA is completed and a new business acquired Intandem could return to AIM.
Guy Meyer and Tim Crowley joined the board in February and they have made the decision to follow this route.
The general meeting to gain shareholder approval will be held on 9 April.
The shares were suspended at 0.22p each. There will be a 100-for-one share consolidation. Additional funds will need to be raised.
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