By Ian Walker
ScotGems PLC said Thursday that shareholders have approved the company's voluntary liquidation at a general meeting and that the liquidators plan to make an initial distribution of around 79 pence a share next week from the sale of its assets.
The company, whose shares were suspended from trading earlier on Thursday, said that Ernst & Young LLP has now been appointed as liquidators.
ScotGems said that the only investment left in its portfolio are the depositary receipts in Fix Price Group Ltd, a retailer with exposure to the Russian market, which can't be sold due to legal restrictions related to the Ukraine war.
"It is not known when, or indeed if, such regulations will be revised to permit the company to dispose of these depositary receipts and, as previously advised, they are currently held at nil value for accounting purposes," the company said.
Shares were suspended at 78.50 pence.
Write to Ian Walker at ian.walker@wsj.com
