Intellego Holdings Approves Unit Company Voluntary Arrangement

18th Jun 2010 11:02

LONDON (Dow Jones)--Intellego Holdings Plc (IHP.LN), a distribution, services and publishing company, announced Friday proposal of a Company Voluntary Arrangement or CVA for its subsidiary Intellego Group Limited was approved. MAIN FACTS: -In order to obtain agreement of HMRC to vote in favor of the Intellego Group Ltd proposal and specifically because of a group election for VAT making the company jointly liable for Group VAT the directors have been advised that the best course of action to deal with this liability is for Intellego Holdings plc to enter into a CVA with its creditors. -Therefore, an additional CVA proposal for the company will be proposed. -If agreed the overall financial effect on the Intellego group of companies should be similar to the proposal originally announced on May. 13. -Shares at 1000 GMT up 0.05 pence, or 18.18%, at 0.33 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 18, 2010 06:02 ET (10:02 GMT)