Your Space asks shareholders to approve directors’ loans

Troubled serviced office operator Your Space will hold a general meeting in Liverpool later this month for shareholders to vote on loans made to directors in 2008 to pay tax bills.

In a statement issued today Your Space said resolutions will be posted to shareholders ahead of the meeting on 26 February. Shareholders will be asked to approve loans which were made by the company to Laurence Davis and Stephen Turton in January 2008 of £65,000 and £40,000 respectively. Both men remain directors of the company and borrowed the money to exercise options over ordinary shares in Your Space and settle taxation liabilities. Your Space said Davis and Turton intend to repay the loans in full during the coming 12 months.

A further resolution will seek approval of a share placing to raise additional funds if required.

A creditors' voluntary arrangement was approved by shareholders and creditors on 16 November 2009. Creditors were owed £5.5m but agreed to accept 20% of their money back. The largest creditors are Bank of Ireland and HM Revenue and Customs.

The company's shares on AIM remain suspended. Today's statement said the accounts for the year ended 31 March 2009 and interims to 30 September 2009 would be published simultaneously by no later than 15 March 2010, together with a full trading update.

Your Space operates centres in Liverpool and Manchester among other cities and owns four properties, each with a charge to Bank of Ireland.

The general meeting will take place at 10.00 am on 26 February 2010 at Il Palazzo, 7 Water Street, Liverpool.

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