MBL struggles to return cash to investors, shares tank

MBL Group has been working hard to return some cash to investors, despite receiving only "limited communications" from its major shareholders.

MBL, which became a cash shell in mid-June following the appointment of administrators to its subsidiary Windsong International, said it was still in consultation with its substantial shareholders over the proposal but had received only "limited communications" from shareholders.

In order to resolve the issue, MBL, which must make an acquisition constituting a reverse takeover within six months of becoming a cash shell, has pushed its annual general meeting back two weeks to 5 December.

As of 1425 GMT, MBL shares had crashed 28.57% to 2.50p.