Allco shares 'valueless': administrator
Allco Finance Group administrator McGrathNicol has written to shareholders of the failed financial services group to say they will not receive any return of capital.
The administrator has also written separately to shareholders to urge them to vote in favour of winding up Allco at a scheduled creditors meeting tomorrow.
McGrathNicol said its investigations into the company have resulted in its decision to issue a ‘declaration of valueless shares’ to shareholders.
“While our investigations to date have revealed that there may be sources of recovery available for the benefit of creditors, at this stage we do not believe there will be recovery sufficient to repay creditors in full,” it said.
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