Your Space shareholders approve directors’ loans

Troubled serviced office operator Your Space held a general meeting in Liverpool today for shareholders to vote on loans made to directors in 2008 to pay tax bills.

In a statement issued today Your Space said that "all resolutions were duly passed."

Loans 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. In an earlier statement, Your Space said Davis and Turton intend to repay the loans in full during the coming 12 months.

A further resolution of a share placing to raise additional funds if required was also approved.

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.

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 was held at Il Palazzo, 7 Water Street, Liverpool.