MELBOURNE, AUSTRALIA: Mayfair 101 today announced it has regained control of 15,842,777 of the 21,250,000 shares it previously held in London-based accounting software company Accloud PLC. Mayfair 101 paid $19.46 million for the shares in 2019 as part of an internal refinancing of the group’s assets.
The balance of the disputed Accloud shares remains in the control of IPO Wealth Holdings No 3 Pty Ltd (in liquidation) pursuant to a settlement agreement approved by the Supreme Court of Victoria in November 2022. Under the settlement 80 per cent of the overall assets previously claimed by the liquidators have been relinquished in favour of Mayfair 101 and the liquidators have dropped all claims against Mayfair 101's entities and its Managing Director, James Mawhinney.
It was previously alleged by the IPO Wealth Fund’s trustee that the shares had been transferred out of the fund and offshore to the detriment of unitholders, however the shares were never the property of the fund, and until last week, the shares had not left the control of the Australian companies.
Accloud updated its share register last week to reflect the shareholding. Mayfair 101 now has clear title to the shares.
This development brings Mayfair 101 another step closer to its goal of making its lenders whole.