Digital advertising company Mooter Media (ASX:MMZ) has revealed its shareholders have unanimously approved a proposal for a capital reduction.
At an extraordinary meeting on Friday, Mooter Media shareholders approved the scheme to distribute shares in recent acquisition target Entellect (ASX:ESN) by way of a dividend.
The company has set a timetable for the capital return, planning to have the process complete by February 14.
Mooter Media acquired a 70% stake in the educational games company by December, and intends to distribute 50% of the company to shareholders.
Entellect and Mooter Media plan to create an educational games joint venture.
In 2010, Mooter Media also entered a social networking joint venture/merger agreement with Hot Shot Media.
MMZ shares jumped 9% in Friday's trading to $0.012.