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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: HRnetGroup, GS Holdings, CDW Holding, United Food HoldingsTHE following companies saw new developments that may affect trading of their shares on Tuesday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Stocks to watch: Wilmar, Yanlord Land, OUE, Manulife US Reit, Metro, BreadTalkTHE following companies saw new developments that may affect trading of their shares on Wednesday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »