Reduction of Capital and Return of Capital

RNS Number : 6210V

M Winkworth Plc

24 July 2018

 

Reduction of Capital and Return of Capital

24 July 2018

M Winkworth PLC

Reduction of Capital and Return of Capital

M Winkworth PLC ("Winkworth" or the "Company") announces that the High Court of Justice of England and Wales has made an order approving the Reduction of Capital.  It is expected that the Court Order will be registered by the Registrar of Companies on 26 July. The Return of Capital will become effective on such registration taking place.

Details of the Reduction of Capital and the Return of Capital were set out in the circular to Shareholders dated 22 June 2018 ("Circular") and the resolution relating to the Reduction of Capital and the Return of Capital was approved by Shareholders at the General Meeting held on 9 July 2018.

Following the Reduction of Capital, the total number of ordinary shares of 0.5p each in issue remains at 12,733,238. It is expected that CREST accounts or mandated bank accounts will be credited or cheques despatched (as appropriate) in respect of the Return of Capital on or around 8 August 2018.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

All capitalised terms in this announcement are as defined in the Circular.

Dominic Agace, CEO of the Company, commented: "Winkworth continues to be cash generative and has a strong balance sheet, so we welcome this opportunity to return excess capital to shareholders. It remains the Company's policy, market conditions permitting, to make quarterly dividend payments, and we declared a second quarter dividend on 18 July. While the sales market remains challenging, our lettings business has started the year strongly and we continue to grow our franchise network."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

For further information please contact:

M Winkworth PLC	Tel: [phone]
Dominic Agace (Chief Executive Officer)
Andrew Nicol (Chief Financial Officer)
Milbourne	Tel: [phone]
Tim Draper (Financial PR)
Stockdale Securities Limited (NOMAD and Broker)	Tel: [phone]
Robert Finlay / Ed Thomas

About Winkworth

Winkworth is a leading franchisor of residential real estate agencies and is admitted to trading on the AIM Market of the London Stock Exchange.

Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. In total the company operates from some 100 offices, having expanded consistently in recent years.

The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in-depth local knowledge and a highly personalised service to their clients.

www.winkworthplc.com

 

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