TRX

The UK Shareholders’ Association (UKSA), which has been representing the interests of Torex Retail (TRX:AIM) private investors, is considering legal action against the company. Torex’s operations were disposed of last week and the holding company put into administration. This was all done without shareholders given a vote and now UKSA has been consulting with David Greene, partner at solicitors Edwin Coe about possible legal recourse.

UKSA communications director Roger Lawson, says: ‘Many shareholders will no doubt wish to have some explanation of what happened and why and what possible legal actions may be possible going forward.’

Shareholders were warned by the company last week they would get nothing, with all £204.4 million raised from the sale of the assets going to the secured lenders. UKSA has been demanding answers as to why investors were not properly consulted on the disposal. There will be a meeting for former shareholders today (Thursday) at 1pm. The meeting will take place at Friends House, 173-177 Euston Road, London, NW1 2BJ. Call UKSA on 020 8467 2686.