Shareholders in the failed ATM company, MyATM, have given their support to the administrator's recapitalisation plan. At a general meeting, held yesterday, shareholder votes were strongly in favour of the proposal.The administrator, Korda Mentha, will proceed with a consolidation of existing issued shares, a reduction in share capital, an issue of shares to note-holders and an issue of new shares. MyATM went into administration in December last year, when the loss-making business ran out of funds.Under the terms of the recapitalisation, A$11.4 million of the accumulated losses will be applied against the share capital of the company. Existing securities in the company will be consolidated on a one for 10 basis. New shares will be issued to investors Blackswan Equities Ltd (a boutique investment bank in Perth) and Blue Saint Pty Ltd, both of which hold convertible notes.Up to $2.5 million will be raised through the issue of new shares under a prospectus.All existing claims against the company will be released, with creditors' claims only being able to be met from funds in a trust fund.