ayondo's B2C European social trading business files for insolvency

CATALIST-LISTED ayondo said on Wednesday that an insolvency application has been made for its indirectly-held German subsidiary ayondo GmbH , adding:"The insolvency of AYG will effectively cease the group's business-to-consumer European social trading business."

ayondo also said that it is currently working with investors to finalise agreements relating to a fundraising exercise, and that the investors have been informed of and are supportive of the insolvency application. Further announcements on the fundraising exercise will be made upon the signing of the agreements.

ayondo said it is"currently not able to determine the impact to the group arising from the insolvency application", but added that as far as the Board is aware, there should not be any liabilities accrued to the company.

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