06 September 2012 7:04am

Shareholders in the failed ATM company, MyATM, have given their support to the administrator's recapitalisation plan. At a general meeting, held yesterday, shareholder votes were strongly in favour of the proposal.

The administrator, Korda Mentha, will proceed with a consolidation of existing issued shares, a reduction in share capital, an issue of shares to note-holders and an issue of new shares.

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

Under the terms of the recapitalisation, A$11.4 million of the...