Proposed Consolidation of Share Capital

RNS Number : 9799V

Pittards PLC

19 December 2013

 



PITTARDS PLC

(AIM: PTD)

Proposed Consolidation of Share Capital

Pittards, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, announces a proposed consolidation of share capital designed to reduce the number of shares in issue to a more manageable level to facilitate the payment of dividends and to reduce the spread between the best bid and offer prices at which the shares trade on AIM.

The Company has convened a General Meeting for the purpose of approving the proposed consolidation which will be effected by a 1 for 50 issue of new ordinary shares.

The General Meeting has been convened for 15 January 2014 and, if the resolution is approved,  trading in the consolidated shares should begin with effect from 16 January 2014, the next business day following the GM..

The Board considers the proposed consolidation of share capital to be in the best interests of the Company and its Shareholders and unanimously recommends shareholders to vote in favour as the directors intend to do in respect of their beneficial holdings totaling 28,141,367 shares, representing approximately 6.1per cent of the shares currently in issue.

In addition, the Company announces the resignation  of Louise Cretton as a director of the Company to pursue other business interests. The Company thanks Ms Cretton for her valuable contribution during her period of 12 years as a non-executive director which has seen the Company undergo some transformational changes and wishes her well in the future. The Company has commenced the process of finding a replacement and an announcement will be made in due course.

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	[phone]

 

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