ITG shareholders passed a resolution at the company's AGM in Dublin on Friday which changed the company's name from ITG to alphyra group.
The AGM was told that the name change reflected the integration of all its electronic transaction operations across Europe within a single branded structure, registerable and protectable across all markets.
This will allow the management to build equity in a single branded entity, something that has not been possible for statutory reasons under the ITG brand. The new identity will enable the company to build a global transaction brand that better reflects the business focus within the group.
The voice & data division, which operates primarily in Ireland, will continue to trade under the strong ITG brand previously used by its parent.
Friday's AGM also approved the increase of authorised share capital of the company from 10 million euro to 16 million euro by the creation of an additional 18,750,000 ordinary shares of 0.32 euro each. This will facilitate the issuing of the new shares which are required for the placing offer, announced in August, which raised approximately 36.2 million euro.
John Nagle, Chief Executive, commented 'Now that all our European operations are trading under the alphyra name they will benefit from synergies in development, trading and customers. With funding also now in place, we are well positioned for growth'
ITG shares closed 20 cents lower at 4.80 euro in Dublin on Friday.
