Mode Global Holdings Shares Dive on Wind Down Plan
January 26 2023 - 7:22AM
Dow Jones News
By Ian Walker
Shares of Mode Global Holdings PLC fell 56% on Thursday after
the company said that it plans to wind down the customer operations
for a number of its businesses, including Fibermode Ltd., JGOO Ltd.
and Greyfoxx Ltd.
Shares at 1140 GMT were down 0.75 pence at 0.60 pence
The London-listed fintech company--which said last week that a
planned fund raising had been unsuccessful--also said that it has
started winding down the customer operations of its regulated
trading subsidiaries and making CVA proposals to creditors of MGL
Ltd. which cannot currently be settled.
"In the following weeks, the Mode mobile application will be
shut down. The board has also made the decision to close the
following subsidiaries; Fibere Ltd. and JGOO Ltd.," it said.
The company said that the board continues to look at options to
extract value from the group in the future and to rebuild
operations within the cryptocurrency industry.
A CVA, or company voluntary agreement, is an agreement between a
company and its creditors to repay debts over an extended time
period.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 26, 2023 07:07 ET (12:07 GMT)
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