Reduction of capital approved by the court

RNS Number : 2303J

ECSC Group PLC

19 August 2021

 

19 August 2021

ECSC Group plc

('ECSC', the 'Company' or the 'Group')

Reduction of capital approved by the court

Further to the Annual General Meeting ("AGM") held on 23 June 2021, ECSC (AIM: ECSC), the provider of cyber security services, announces that following the passing of resolution 7 at the AGM, the High Court has approved the cancellation of the balance standing to the credit of the Company's share premium account (the "Capital Reduction"). The Capital Reduction will become effective following Companies House completing the registration of the documentation relating to the Capital Reduction.

Once the Capital Reduction is effective, £6.1 million standing to the credit of the Company's share premium account will be cancelled thereby creating distributable reserves which will allow the Company to pay dividends or make distributions to its shareholders and/or undertake a buyback of its ordinary shares in due course, should it be appropriate or desirable to do so.

The Capital Reduction will have no effect on the overall net asset position of the Company.

Details of the Capital Reduction proposals were contained in the notice of AGM dated 25 May 2021 and were approved by shareholders at the AGM held on 23 June 2021.

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Enquiries:

ECSC Group plc David Mathewson, Non-Executive Chairman Ian Mann, Chief Executive Officer	[phone]
Allenby Capital (Nominated Adviser and Broker) David Hart/Piers Shimwell (Corporate Finance) Tony Quirke (Sales and Corporate Broking)	[phone]
Yellow Jersey (PR and Investor Relations) Sarah Hollins Annabel Atkins Matthew McHale	[phone]

Notes to Editors

Founded in 2000, ECSC Group plc (AIM: ECSC) is the UK's longest running full-service cyber security service provider. With an extensive range of in-house developed proprietary technologies, including advanced Artificial Intelligence (AI) systems, ECSC provides expert security breach prevention and advisory support to organisations across all sectors.

ECSC operates from two Security Operations Centres (SOCs): one in Yorkshire, UK, and the other in Brisbane, Australia.  ECSC offers flexible 24/7/365 cyber security monitoring, detection, and response support to its clients, either as a fully managed service or to enhance an organisation's existing cyber security systems.  In addition, ECSC's Assurance division provides guidance, certification to industry standards, and extensive testing services to allow organisations to assess their cyber security protection.

ECSC is led by a highly experienced senior management team with over 80 years' combined experience within the company and has delivered consecutive organic growth for the last 20 years.

The Company's broad client base ranges from e-commerce start-ups to global blue-chip organisations, including 10% of the FTSE 100.

For more information please visit the following: https://investor.ecsc.co.uk/

 

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