shares in city of london group plc dropped 27 on thursday after the company said it is proposing a members voluntary liquidation and the cancellation of its shares as it seeks to simplify the corporate structure around its only whollyowned subsidiary recognise bank ltd rbl at 1435 gmt shares were down 1425 pence at 385 pence the ukbased investment company said its shareholders will be given shares in the capital of rbl in proportion to their interests in the city of londons capital before the distribution the group said it had historically acted as a holding company for several operating subsidiaries but with rbl now being its only one a restructuring to remove the holding entity is in the best longterm operational interest of the group and its shareholders it also said that pv27which owns a 4783 of city of londons sharesagreed to conditionally invest 25 million pounds 302 million in rbl at gbp106 per new rbl share which is equal to 30 pence per ordinary share the financial services company said it has received irrevocable undertakings from shareholders holding 75 of shares to vote in favor at a general meeting convened on jan 25 to approve the proposals the proposed changes to our structure will make recognise bank more streamlined and efficient and will save costs so we can focus our resources and continue to develop new services and products for all our customers chairman philip jenks said