Funtastic loses bid to delist from the ASX

Toy company Funtastic will remain on the ASX after the majority of shareholders voted against a resolution to delist during an extraordinary general meeting.

The majority of Funtastic's shareholders have rejected the struggling toy wholesaler's bid to delist from the Australian share market.

Nearly 85 per cent of votes at Funtastic's extraordinary general meeting on Thursday were against the company being removed from the ASX.

Following the defeat, the company, which distributes Cabbage Patch Kids, Care Bears and Star Wars branded toys, said it will ensure ongoing profitability of the business and continue debt facility negotiations with National Australia Bank.