Itsarm PLC, the renamed In The Style Group PLC (AIM:ITS), shot up 78% as it confirmed a date for its liquidation petition.
The retail business was sold in March for £1.2mln (net £500,000 according to the company) but in May shareholders rejected one attempt to wind up the business and hand out whatever was left.
As time goes on, presumably the amount available for distribution is diminishing, hence the jump today on a firm date.
On 5 June, Itsarm’s directors said that a creditors' voluntary liquidation wasn’t appropriate due to the costs and the possibility it would have to continue to trade.
At 0.42p, (up 0.19p today), Itsarm’s market value is around £200,000 compared to £105mln when it was listed on AIM in March 2021.
The winding-up petition will be heard on 26 July 2023 at 10:30 am at the Business and Property Courts of England and Wales, at 7 Rolls Building, Fetter Lane, London EC4A 1NL.