Notice of Meeting and Proposed Capital Reduction

RNS Number : 8075N

Numis Corporation PLC

11 August 2017

 

FRIDAY 11 AUGUST 2017

Numis Corporation Plc ("Numis" or the "Company")

Posting of Circular and Notice of General Meeting for Proposed Capital Reduction

Numis announces that it is today posting a circular (the "Circular") to shareholders in connection with a proposed capital reduction of the Company's share premium account, including notice of a general meeting to be held at 9.30am on 30 August 2017 for the purpose of approving the capital reduction.

A share premium account is an undistributable reserve and, accordingly, the purposes for which the Company can use it are extremely restricted.  The proposal aims to create additional distributable reserves for the Company by cancelling the amount standing to the credit of the share premium account and transferring it to the Company's profit and loss account.  The realised profits thereby created would be applied to increase the accumulated profit on the Company's profit and loss account.

By reducing capital in this way, the Company increases its flexibility to pay dividends, to facilitate any prospective buyback of shares or to provide flexibility for any other general corporate purposes, subject to the financial performance of the Company.  However, the Company has not made any proposal or decision as to the use of any such realised profits, should the Capital Reduction take place.

The proposal is conditional upon the passing of the Resolution set out in the notice of General Meeting, as well as Court approval being obtained.

Following the implementation of the capital reduction, there will be no change in the nominal value of the ordinary shares or the number of ordinary shares in issue. No new share certificates will be issued as a result of the capital reduction.

The circular and notice of general meeting will shortly be made available on the Company's website, www.numiscorp.com.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Publication of the Circular	11 August 2017
Latest time and date for receipt of Form of Proxy for the General Meeting	9:30am on 28 August 2017
General Meeting	9:30am on 30 August 2017
Court hearing to confirm the Capital Reduction	20 September 2017
Registration of Court Order and effective date of the Capital Reduction	21 September 2017

Notes:

1. The expected dates for the confirmation of the Capital Reduction by the Court and the Capital Reduction becoming effective are based on provisional dates that have been obtained for the required Court hearings of the Company's application. These provisional hearing dates are subject to change and dependent on the Court's timetable.

2. The timetable assumes that there is no adjournment of the General Meeting. If there is an adjournment, all subsequent dates are likely to be later than those shown.

3. References to times are to London times unless otherwise stated.

4. Unless otherwise defined, capitalised terms used in this announcement have the meanings given to them in the Circular.      

11 August 2017   

END

Contacts

Alex Ham and Ross Mitchinson Co-CEOs                                020 7260 1425

Simon Denyer, Group Finance Director                                     020 7260 1225

Brunswick:

Nick Cosgrove                                                                         020 7404 5959

Simone Selzer                                                                           020 7404 5959

Grant Thornton UK LLP (Nominated Adviser):     

Philip Secrett                                                                            020 7728 2578
Harrison J Clarke                                                                     020 7184 4384

Notes for Editors

Numis is a leading independent corporate advisory and stockbroking group offering a full range of research, execution, corporate broking and advisory services to companies quoted in the UK and their investors.

 

END

 

 

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