Reduction of Capital - correc

RNS Number : 4970O

Publishing Technology PLC

06 March 2009

 



Publishing Technology PLC

6 March 2009  

Reduction of Capital - correction

It has come to the Company's attention that in its announcement dated 18 November 2008 regarding the Company's Capital Reorganisation the figure stated for the potentially distributable reserve created should have have been shown as £2,831,466.21, not £8,182,697.37. All other details remain unchanged. A full copy of the corrected announcement is reproduced below:   

"Reduction of Capital effective 29 October 2008

Publishing Technology plc (LSE: PTO), which provides online systems, management software and consulting services to trade and academic, journal and book publishers, has today announced that on 29 October 2008 the High Court of Justice confirmed the reduction of the capital of the Company from £15,274,163.58 to £1,200,000.00 and the cancellation of the entire amount of the share premium account, £21,806,289.48, as previously approved by the Company's shareholders at its Annual General Meeting on 24 July 2008. 

The reduction and cancellation became effective on 29 October 2008 upon registration by Companies House which occurred on 12 November 2008. 

The deficit of £29,988,986.85 on the Company's profit and loss account as at 31 August 2008 has therefore been eliminated and a potentially distributable reserve of £2,831,466.21 has been created. The Company has given certain undertakings to the Court regarding the circumstances in which such reserve could be distributed. 

George Lossius, CEO said 'This capital reduction, which was approved by shareholders at the Annual General Meeting in July 2008, represents a positive step forward for Publishing Technology and its investors, as we position the company to remain profitable during the anticipated difficult economic conditions of the coming months.' "

For further information please contact: 

Arbuthnot Securities Limited
Tom Griffiths	020 7012 2000
Publishing Technology plc
Alan Moug, CFO	01865 397 800

 

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