Reduction of Capital

RNS Number : 7830O

Hollywood Bowl Group plc

09 November 2016

 

9 November 2016

Hollywood Bowl Group plc

Reduction of Capital

Hollywood Bowl Group plc (the "Company") announces that, as contemplated in the prospectus issued by the Company on 16 September 2016 and pursuant to a resolution of the shareholders of the Company passed on 16 September 2016, the Company has completed a reduction of capital, whereby (i) the entire amount standing to the credit of the Company's share premium account was cancelled, (ii) the Company's 1 deferred share was cancelled, (iii) the capital redemption reserve was cancelled and (iv) the nominal value of each issued ordinary share in the capital of the Company was reduced from £0.47 to £0.01 each (collectively, the "Reduction of Capital").

The Reduction of Capital was formally approved by the High Court of Justice, Chancery Division, on 9 November 2016. Following registration of the order of the High Court with the Registrar of Companies, the Reduction of Capital became effective on 9 November 2016.

Following the Reduction of Capital, the issued share capital of the Company consists of 150,000,000 ordinary shares of £0.01 each. The distributable reserves created by the Reduction of Capital amount to £121,943,417. No new share certificates will be issued as a result of the Reduction of Capital.

The purpose of the Reduction of Capital is to create distributable reserves to support the Board's dividend policy.

For further information please contact:

Hollywood Bowl Group Steve Burns, Chief Executive Laurence Keen, Chief Financial Officer Mat Hart, Commercial Director	via Tulchan Communications
Tulchan Communications James Macey White David Allchurch Matt Low	[phone]

 

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