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Local Radio Company says that shareholders failed to pass the resolutions at the general meeting which means that the open offer can’t proceed.
UKRD, which is bidding 2p a share, had said that it would vote against the open offer at 0.25p a share because it would have significantly diluted its stake of 29.5% - including its chairman‘s shareholding.
LRC says its radio stations are trading in line with expectations but cash is tight, even after cost cutting. The company will need more cash by the end of April 2009.
At 1.5p a share, LRC is valued at £1.08m.
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