07 August 2012 6:48am

The administrator of the ATM company, My ATM, has called a shareholder meeting to consider a proposal to recapitalise the company.

The administrator, KordaMentha, has proposed a consolidation of existing issued shares, a reduction in share capital, an issue of shares to note-holders and an issue of new shares.

My ATM went into administration in December last year, when the loss-making business ran out of funds.

Under the terms of the proposal, A$11.4 million of accumulated losses would be applied against the share capital of the company. Existing securities in the...