Traction Technology Plc. said it has decided to stop funding its operating subsidiary Traction Technology (UK) Ltd. and that the

unit's board has begun the process to place it into creditors' voluntary liquidation.

The group said in a statement after its AGM it stopped funding the unit because it has very limited cash resources available and that it is monitoring its credit position closely.

Traction Technology added its shares will stop trading on AIM on July 10 after shareholders approved the plan at an EGM, which was also held Thursday.


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