MGX shareholders have approved the disposal of four of the group`s subsidiaries and MGX expects the last of the conditions precedent to be fulfilled by the end of the month.
All conditions precedent relating to three of the disposals - Drive Control Holdings, MGX Storage Solutions and MGX Software Futures have been fulfilled. However, it says there are still outstanding issues relating to the disposal of MGX Business Continuity Solutions.
It expects these to be settled on or before 31 October.
The MGX share was suspended on Monday at the directors` request. The MGX board said this was because its weekly capital adequacy statements were being misinterpreted.
The group is still in talks with capital providers relating to debt refinancing and raising additional facilities.
It has said that the suspension will be lifted once final and binding unconditional refinancing agreements have been concluded.
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