The company's directors needed 75% support from shareholders to place the company into voluntary liquidation but could only muster 70.69%.
The ‘‘extremely close’’ vote was held at a highly charged meeting yesterday during which a significant number of shareholders changed their positions, a board member said.
When votes were finally tallied 28.08% voted against the resolution and 1.22% abstained.
In a statement to shareholders this afternoon, the board confirmed it saw the result as a vote of no confidence, ‘‘and as such resign from our position as directors of Ocho Ltd effective as soon as new directors can be appointed’’.
The voting was conducted by poll vote and the results were verified by Gallaway Cook Allan.
A total of 36% of shareholders voted, meeting the quorum requirement of 20%.
The company has more than 3700 shareholders.
