Business
Proposed Reconstruction of Capital
Proposed Reconstruction of Capital.
About this update from Crimson Tide Plc
[{"type":"text","content":"\n \nRNS Number : 3637K Crimson Tide PLC 30 December 2015 \n\n \nCRIMSON TIDE PLC\n \n(\"Crimson Tide\" or \"the Company\")\n \nProposed Reconstruction of capital\n \nPROPOSED AUTHORITY FOR THE PURCHASE OF NEW ORDINARY SHARES BY THE COMPANY\n \nPROPOSED ADOPTION OF NEW ARTICLES OF ASSOCIATION\n \nAND \n \nNOTICE OF GENERAL MEETING\n \nCrimson Tide announces that it has commenced the process of seeking shareholder approval to undergo a capital reconstruction and has called a General Meeting. The purpose of this reconstruction is to create positive retained earnings in the Balance Sheet to allow the Company to, if appropriate, pay dividends in the future. The Company will also be seeking shareholder approval for share buy backs and will be eliminating its deferred shares.\n \nA notice convening the General Meeting has today been mailed to shareholders. The General Meeting will be held at the offices of Shipleys LLP at 10 Orange Street, Haymarket, London, WC2H 7DQ on 26 January 2016 at 11.30 a.m. The Notice of General Meeting and Circular is available for inspection at the Company's website at www.crimsontide.co.uk.\n \nBarrie Whipp, Executive Chairman, said \"Considering the Company's recent performance, we have decided to undertake this exercise which will, at the discretion of the Directors, allow dividends to be considered for the first time since we came to AIM. Coupled with the elimination of the Deferred Shares (a relic from the company we reversed into when coming to AIM) and the ability for the company to, if appropriate, buy back shares the Company's Balance Sheet will be regularised and robust \"\n \nFor further information, please contact:\n \nCrimson Tide plc\n Barrie Whipp 01892 542444\n Steve Goodwin\n \nW.H. Ireland Limited\n James Joyce / 020 7220 1666\n James Bavister \n \nBackground and reasons for the REDUCTION OF CAPITAL\nThe Companies Act 2006 only permits a company to make distri...