Aberfoyle rescue voted down
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Your support makes all the difference.ABERFOYLE HOLDINGS, the Zimbabwean plantation company in administration after its shares were suspended at 2.5p in August, lurched towards liquidation yesterday when shareholders rejected restructuring proposals.
A company voluntary arrangement, which was proposed by administrators at Touche Ross and would have substantially diluted the shareholders' equity, failed to get the necessary 75 per cent approval. A creditor at the meeting said that the blocking vote was cast by Kojo Owusu-Nyantekyi, a Belgian dentist and former director of Aberfoyle.
The administrators now have to seek court guidance within four days, but creditors believe administration is unavoidable.
A former adviser to the company said: 'The likelihood of anything coming back to creditors is minuscule, but the likelihood of anything coming back to shareholders is non-existent.'
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