SHAREHOLDERS in HMV yesterday voted in favour of changing the struggling music entertainment chain’s stock market listing in a move that will help speed up the sale of its Live music arm.
Some 99 per cent of investors approved the change in listing category from “premium” to “standard”, at an extraordinary general meeting held yesterday.
In a circular sent to shareholders in July, HMV said the move would allow the group to sell off parts of its Live arm in a “shorter timescale and at lower expense, and without the need to seek shareholder approval in respect of such disposals”.
HMV put its Live arm, which runs 13 venues and a number of festivals including Lovebox in London, up for sale at the beginning of the year to help pay down its £180m debt pile.
Last week, the group completed the sale of the Hammersmith Apollo to American-German joint venture Stage C for £32m.
A standard listing means HMV will only have to comply with EU requirements without the more onerous corporate governance standards of a premium listing.