Capital Reorganisation

RNS Number : 4491V

Sabien Technology Group PLC

12 January 2012

 



Sabien Technology Group plc (AIM - SNT)

("Sabien", "the Group" or "the Company")

Capital reorganisation

Sabien Technology Group plc, the manufacturer and supplier of M2G, a boiler energy efficiency technology, is pleased to announce that the Court has approved the cancellation of the Company's share premium account, approved by shareholders by resolution at the Company's Annual General Meeting on 23 November 2011.

This reorganisation will enable the Company to accelerate the payment of dividends to its shareholders should its results so permit.

Such cancellation has now become effective as the Court order and other required documents in relation to the cancellation have been lodged with the Registrar of Companies and registered by him.  As a result, the Company's share premium account, which was standing at £3,422,256.59, has been cancelled and this sum has been applied to the reduction of accumulated losses of £3,273,284.37. As part of the transaction, the Court required an undertaking from the Company that all creditors would be protected. The Company confirms that all creditors at the time of the transaction have been paid and that there is no further reason for the reserve created by the cancellation of the share premium account not to be treated as distributable.

For further information:

Sabien Technology Group plc

Alan O'Brien, CEO                                                      Tel: [phone]

Gus Orchard, CFO                                                     www.sabien-tech.co.uk

Westhouse Securities

Tom Price                                                                   Tel: [phone]

Petre Norton                                                                www.westhousesecurities.com

About Sabien Technology

Founded in March 2004 by Alan O'Brien, UK-based Sabien Technology specialises in providing proven and commercially viable technology to reduce carbon emissions and energy usage for private and public organisations. Sabien Technology Group Plc floated on AIM in 2006.

The M2G is a patented energy efficient technology designed to reduce fuel consumption in commercial boilers. M2G dynamically responds to changing load demand by measuring, identifying and removing dry cycling thus maximising efficiency under all conditions. M2G can be retro-fitted and fully integrates and complements existing controls, such as BMS, boiler sequencing, weather compensation and building optimisation controls.

Using intelligent software and hardware, the M2G unit improves a boiler's efficiency by reducing energy wastage. For further information, please visit our website www.sabien-tech.co.uk

 

END

 

 

CAREANFAFASAEEF