HMV’s application to change its listing category on the London Stock Exchange from premium to standard has been approved by the retailer’s shareholders.
The Board of HMV announced the verdict after the special resolution was put in front of shareholders today (August 15) at a company general meeting.
99.32% of the shareholdings voted in favour of the proposal with 0.68% against.
“Following shareholder approval, the Company will submit its application for the Transfer of Listing to the UK Listing Authority shortly,” said HMV in a note to investors.
“Accordingly, the Company expects the Transfer of Listing to take effect on or around 17 September 2012.”
At the end of last month, the HMV board said it felt the proposed change to the retailer’s listing category would “facilitate a more cost efficient and timely strategic review of the live business and reduce administrative costs generally."