Completion of Capital Reduction

RNS Number : 3407J

Petards Group PLC

17 December 2015

 

17 December 2015

PETARDS GROUP PLC

('Petards' or the 'Group')

Completion of Capital Reduction

Petards (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to announce that it has received approval from the High Court to the reduction of the Company's share capital (the "Capital Reduction").  The principal purpose of the Capital Reduction, (details of which were set out in the Circular to shareholders dated 23 October 2015) is to create realised profits sufficient to eliminate the accrued deficit on the Company's profit and loss account.

Following registration of the Court order at Companies House, the Capital Reduction took effect on 16 December 2015. The Company has given certain undertakings to the Court in relation to the reserve arising on the Capital Reduction for the protection of the Company's creditors at the date on which the Capital Reduction took effect.

For further information:

Petards Group plc	www.petards.com
Raschid Abdullah, Chairman	Mb: 07768 905 004
	Tel: [phone]
WH Ireland Limited, Nomad and Joint Broker	www.wh-ireland.co.uk
Mike Coe/Ed Allsopp	Tel: [phone]
Hybridan LLP, Joint Broker	www.hybridan.com
Claire Louise Noyce	Tel:  [phone] [e-mail]

 

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