Result of GM

RNS Number : 0711T

Pittards PLC

07 December 2012

 



PITTARDS PLC

(AIM: PTD)

Result of GM

Pittards plc ("Pittards" or "the Company"), the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, announces that at the General Meeting held today all resolutions were duly passed.

As a result the proposed reorganisation of share capital, designed to eliminate the accumulated deficit of reserves on the retained earnings account on the Company's balance sheet, has been approved by shareholders.  This is being performed in order to facilitate the payment of dividends which under company law can only be made from distributable reserves.  The reduction in share capital will require to be confirmed by the courts.

It is emphasised that no dividend or other distribution is currently being declared or recommended. This will be a matter for the directors to consider in due course in the light of the Company's trading and taking into account its working capital and capital expenditure requirements.

The Company has been advised that court approval to the proposed capital reorganisation should be obtained by no later than 30 January 2013.

Contacts:
Pittards plc	www.pittards.com
Stephen Boyd, Chairman	[phone]
Reg Hankey, Chief Executive	[phone]
Jill Williams, Finance Director	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
John Wakefield / Marc Davies	[phone]

 

END

 

 

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