Reduction of Share Premium Account

RNS Number : 7164G

Tavistock Investments PLC

05 March 2018

 

Tavistock Investments plc

("Tavistock" or the "Company")

Court Approval for Reduction of Share Premium Account

5 March 2018

Tavistock, the fast-growing financial services group, is pleased to announce that, further to the Company's announcements made on 22 December 2017 and on 16 January 2018, the    £23 million reduction of the Company's Share Premium Account to eliminate the historic deficit on the Company's profit and loss account and to create distributable reserves (the "Capital Reduction"), was approved on 27 February 2018 by the Court. The Court Order confirming the Capital Reduction, and a statement of capital approved by the Court, were then registered with the Registrar of Companies and, accordingly, the Capital Reduction is now effective.

This now enables the Company to pay a dividend to shareholders, should the Board consider it appropriate to do so.

There is no change in the number of the Company's Ordinary Shares in issue, or their nominal value, as a result of the Capital Reduction, which was described in the Circular sent to shareholders on 22 December 2017 and approved by shareholders at a General Meeting held on 16 January 2018.

The Group's CEO, Brian Raven, commented

"One of our stated objectives has been to introduce and manage, a dividend stream for the benefit of shareholders. However, it should be noted that the creation of distributable reserves does not itself guarantee the payment of a dividend."

Enquiries:

Tavistock Investments Plc Oliver Cooke, Brian Raven	Tel: [phone]
Arden Partners Plc Paul Shackleton	Tel: [phone]
Allenby Capital Limited Nick Naylor, Nick Athanas	Tel: [phone]
Vested Kitty Parry, Elspeth Rothwell	Tel: [phone]

 

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