Result of AGM

RNS Number : 1520I

Printing.com plc

20 July 2012

 



Printing.com Plc (the "Company")

20 July 2012

Result of Annual General Meeting and Capital Reduction

Printing.com Plc (AIM: PDC) is pleased to announce that all of the resolutions put to the Annual General Meeting held today were approved by the requisite majority of Shareholders.

In addition to the ordinary business at the AGM, the special resolution relating to the Capital Reduction to create positive distributable reserves in the Company through the cancellation of the share premium account, as described in the Company's announcement of 26 June 2012, was approved.

Following the passing of the Resolution, it is proposed to commence the proceedings to obtain the confirmation of the Court for the Capital Reduction as soon as possible. It is anticipated that the final hearing at which the Court will confirm the Proposals will take place on or around 8 August 2012. In seeking this confirmation, the Company may be required to give such undertakings or other form of creditor protection as the Court may require for the protection of the Company's creditors at the Effective Date. However, the Company's only creditor relates to its professional costs of the Capital Reduction and the relevant creditor has already given its consent to the cancellation of the share premium account. The Board is therefore confident that no further undertakings or protections will be required. In order for the share premium account cancellation then to become effective, the Court order confirming the cancellation must be filed with Companies House, usually 2-3 days after the date of the hearing.  

Expected Timetable of Principal Events

Court Hearing to confirm Capital Reduction                                                        8 August 2012

Expected effective date for Capital Reduction                                                    11 August 2012

These dates are dependent on, amongst other things, the date upon which the Court confirms the Capital Reduction.  The Court hearing dates may be subject to postponement by the Court.

For further information:

Printing.com plc

Tony Rafferty (Chief Executive)                                  07966 517 336     

Alan Roberts (Finance Director)                                 0161 848 5713     

N+1 Brewin

Robert Beenstock                                                       020 3201 3710

Richard Lindley                                                           0113 241 0126

Cubitt Consulting

Chris Lane                                                                  020 7367 5100     

Definitions

"AGM" or "Annual General Meeting"	the Annual General Meeting of the Company held on 20 July 2012
"Capital Reduction" or "Proposals"	the proposed cancellation by the Company of its share premium account as described in this document
"Directors" or "Board"	the Directors of the Company
"Effective Date"	the date on which the proposed Resolution becomes effective, expected to be on or around 11 August 2012
"Resolution"	the resolution approving the Capital Reduction put to Shareholders at the AGM
"Shareholders"	holders of Ordinary Shares

 

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