Capital Reduction

RNS Number : 6511Y

Harworth Group PLC

19 May 2016

 

HARWORTH GROUP PLC

(the "Company" or "Harworth")

CAPITAL REDUCTION

The Company is pleased to announce that the High Court has approved the cancellation of the balance standing to the credit of the Company's share premium account (the "Capital Reduction"). Following the approval of the High Court and the subsequent registration of the Court order with the Registrar of Companies, the Capital Reduction has now become effective. As a consequence of the Capital Reduction £129 million standing to the credit of the Company's share premium account was cancelled. This will facilitate the  payment of the dividend approved by shareholders at the Annual General Meeting held on 26 April 2016 by creating a reserve of an equivalent amount that will form part of a distributable reserve.

Regulation requires the Company to file its interim accounts with the Registrar of Companies that reflect the change to the Company's distributable reserves. This will take place immediately after the announcement of the Company's interim results for the six months ending 30 June 2016 that are expected to be announced on 6 September 2016. Accordingly it is planned to pay the dividend on 9 September 2016 to shareholders on the register at 19 August 2016.

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

The Capital Reduction proposals were contained in the Notice for the Annual General Meeting dated 31 March 2016 and approved by shareholders at the Company's General Meeting on 26 April 2016.

-ENDS-

Enquiries

Harworth Group plc	Tel: [phone]
Geoff Mason
Company Secretary
Cardew Group	Tel: [phone]
Emma Crawshaw/ Shan Shan Willenbrock

Notes to Editors

Harworth Group Plc is a leading property and development company which owns and manages a portfolio of some 27,000 acres of land across approximately 200 sites located throughout the Midlands and North of England.

The Company specialises in the regeneration of former coalfield sites and other brownfield land into employment areas, new residential properties and low carbon energy projects.

http://www.harworthgroup.com/ 

 

END

 

 

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