Technology staffing firm Parity Group plc (PTY:LSE) said its planned name change to Partway Group plc and its plans to sell Parity Professionals Ltd., to Network Ventures Ltd were both approved by shareholders at a general meeting held yesterday.

According to Alliance News, the company expects that the disposal of Parity Professionals will "occur shortly", while the name change should take effect in the coming days.

On November 21, Parity announced it would sell its primary operating subsidiary, Parity Professionals Ltd., to Network Ventures Ltd. Under the proposed sale, Parity would become a cash shell. Parity Professionals in 2022 contributed £378,000 in pre-tax profit to Parity.

The proposed deal calls for payment of up to £3 million for 100% of the subsidiary.

Parity Group on 29 September had announced first-half revenue was down 16.2% year over year to £17.6 million.