Shareholders back sale of IQ research businesses
Rivington Street Holdings, a minority shareholder in IQ, will take ownership of the companies and has also agreed to assume £1.8m in debt from IQ.
The deal was approved at a General Meeting held earlier today. Difficult trading conditions prompted the sale of the businesses, with group results for the year ended 30 September 2009 “significantly below market expectations”.
Once the sale is complete, IQ is set become an ‘investing company’ under AIM stock market rules as it will have no remaining trading businesses. Its principal asset will be a stake in RSH worth £50,000.
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