Investors in Countrywide.the UK 's largest estate agency owner,
have approved a£ 140 m emergency fundraising at the company 's annual
meeting.
The company owns 50 brands including Bairstow Eves and Hamptons International and employs 8, 000 people.
A£ 200 m debt pile and difficult trading conditions have forced Countrywide to raise funds to stay afloat.
Its decision to raise£ 111 m by placing more than 1 billion shares at 10 p sent shares crashing earlier this month.
The shares had been trading at about 50 p but fell as much as 80 % after the fundraising was announced.
They were down 7 % to 14 p on Tuesday, valuing the company at£ 76 m.
Just 2 % of votes were cast against the fundraising , in which Oaktree Capital will buy shares worth £24m.
The private equity group 's stake in Countrywide will fall from 30% to 19% as a result.
Last week, Countrywide cancelled plans
for a new bonus package
for its top bosses following an outcry from investors.
The package could have paid out a total of £20 m to three
executives, depending on the firm 's share price performance over the
next three years.
In January, chief executive Alison Platt departed after
Countrywide issued a profit warning, with chairman Peter Long becoming
executive chairman.
Another profit warning followed in June when the company said results for the first half were likely to be about £20m lower than last year.
Courtesy BBC