Zamano is holding a general meeting on 30 August to gain shareholder approval for the disposal of its businesses, which will leave it with €5.58m in the bank.
The loss-making premium rate SMS businesses are being acquired by Kilavan Holdings for €1 with €982,000 left in the business to pay off creditors. Kilavan is owned by directors of the businesses being acquired.
The disposal will cost Zamano €282,000. Plans will be put in place to return cash to shareholders but Zamano will also assess potential acquisition targets during the six months it will take to make the distribution.
At 4.25p a share, Zamano is valued at £4.25m, which is a slight discount to cash but there could be further costs before any distribution.
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