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HMV changes stock market listing

By | Published on Thursday 16 August 2012


HMV’s shareholders yesterday gave the flagging retailer’s board the green light to change the firm’s stock marketing listing category, making it quicker and easier for the company to sell off units.

When the company first wrote to its shareholders last month requesting that they back the change in listing category, it said: “The board considers that the proposed transfer is in the best interests of the company and its shareholders as a whole. The board believes this transfer will facilitate a more cost efficient and timely strategic review of the live business and reduce administrative costs generally. Furthermore, the board wishes to align its regulatory responsibilities and the associated costs thereof with the company’s size”.

The new status, which was backed by nearly all of the firm’s shareholders at a General Meeting this week, will likely have an impact pretty quickly, with HMV still looking to sell off the rest of its live music division the MAMA Group, having sold the Hammersmith Apollo to an AEG/Eventim JV.