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Venue Solutions

  • BY: Andrew Hore |
  • POSTED: 08/07/2009 |

Venue Solutions says that its creditors have agreed to the proposed Company Voluntary Arrangement.

The CVA will proceed. The main elements of the proposal ate that Venue Solutions will raise at least £200,000 from a share issue and it will use £110,000 of the cash to pay creditors 16.5p in the pound. The rest of the cash will go on the costs of the CVA and provide working capital.

HMRC had petitioned the courts for a winding up order for Venue Solutions. The court hearing was adjourned until 15 July in order for the CVA to be agreed by creditors.

Venue Solutions had the receivership of YourDay Inc overturned in the US courts on 4 June. The decision protects the company’s patents.

The shares were suspended on 8 May at 0.53p a share, which valued Venue Solutions at £370,000. The results for the year to November 2008 have still not been published.

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