Mooter shareholders approve capital reduction

Shareholders in digital advertising company Mooter Media (ASX:MMZ) have approved a proposal to distribute 50% of Entellect (ASX:ESN) to them through a capital return program

Digital advertising company Mooter Media (ASX:MMZ) has revealed its shareholders have unanimously approved a proposal for a capital reduction.

At an extraordinary meeting on Friday, Mooter Media shareholders approved the scheme to distribute shares in recent acquisition target Entellect (ASX:ESN) by way of a dividend.

The company has set a timetable for the capital return, planning to have the process complete by 14 February.

Mooter Media acquired a 70 per cent stake in the educational games company by December, and intends to distribute 50 per cent of the company to shareholders.

Entellect and Mooter Media plan to create an educational games joint venture.

In 2010, Mooter Media also entered a social networking joint venture/merger agreement with Hot Shot Media.

MMZ shares jumped nine per cent in Friday's trading to $0.012.

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