Shareholders in Scotty Group have voted against disposal discussions and instead it will seek a move to the Third Market in Austria.
Communications equipment and technology developer Scotty was in talks with Invest Equity GmbH, which wanted to buy the Austrian and North American subsidiaries of Scotty and their associated intellectual property.
Invest Equity was offering €4.2m in cash for the businesses, although €2m of that would have been used by Scotty to repay money it owes to its Austrian subsidiary.
Around 58.6% of the shares voted at the general meeting were against continuing disposal discussions.
Domicile is likely to be switched from the UK to Austria. Scotty may eventually decide to drop its Aim quotation. Non-executive director Dr Ernst Wustinger is willing to invest up to £500,000 in shares at a price of between 8p and 9p.
At 5.5p a share, down 0.12p, Scotty is valued at £1.11m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.