Mooter shareholders approve capital reduction

Mooter shareholders approve capital reduction

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.

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Tags EntellectMooter MediaASX:MMZASX:ESN

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