Zytronic non-executive chair John Walter talked with Proactive's Stephen Gunnion about the company’s decision to wind down operations, delist, and return cash to shareholders. He explained that in February, the board unanimously agreed on this course of action, and in May, shareholders approved the strategy. Walter confirmed that investors are expected to receive between £0.48 and £0.58 per share.
Providing an update on progress, Walter said: “We have sold most of the plant, property and equipment, and we’re currently negotiating the sale of the freehold property in Blaydon-on-Tyne.” He added that once this is complete, Zytronic intends to liquidate and begin distributing cash to shareholders.
The discussion also focused on a requisition from shareholder Tom Spain, who has proposed removing Walter and fellow non-executive Mark Atkinson from the board. Walter outlined why the board opposes this, noting that Spain’s plan would not return all the cash to investors and might leave them “stranded in an investment vehicle … lacking in credibility and deficient in detail.” He also highlighted concerns about the underperformance of funds managed by Spain and Glen Arnold.
Walter stressed the importance of shareholder participation: “It’s important to vote to get your money back … we recommend voting for all the AGM resolutions and against the general meeting resolutions to safeguard their investment.”
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