Business
Capital Reorganisation
Capital Reorganisation.
About this update from Foresight Group Holdings Ltd.
[{"type":"text","content":"\n RNS Number : 1635V Focus Solutions Group PLC 06 July 2009 \n\n\n\n\n\n\nPress Release \n\n\n7th July 2009\n\n\n\n\n\nFocus Solutions Group plc\n(\"Focus Solutions\" or the \"Group\")\nProposed Cancellation of Share Premium Account\nThe Board of Focus Solutions plc (the \"Company\") today announces a proposed cancellation of the Company's share premium account to eliminate the Company's accumulated losses and to allow a more efficient utilisation of the Company's reserve accounts. \nThe Company, as at 31st March 2009, had an accumulated deficit on its profit and loss account of £1,435,000. The Resolution, which will be proposed as a special resolution at a general meeting to be held on 6th August 2009, would approve the cancellation of the Company's share premium account, which as at 31st March 2009 amounted to £9,900,000.\nThe cancellation of the Company's share premium account requires the approval of the Shareholders at the General Meeting and is conditional upon the approval of the High Court, accordingly, as soon as possible after receiving the approval of the Shareholders at the general meeting, the Company will apply to the High Court for its approval.\nSubject to the Court being satisfied that the Company's creditors are adequately protected, the reserve produced by the cancellation will be available to eliminate the deficit on the Company's profit and loss account. The balance arising, again subject to the protection of creditors, will create a distributable reserve available for the corporate purposes of the Company.\nThe Board believes that the proposal being put to Shareholders as detailed in the circular is in the best interests of Shareholders. Accordingly, the Directors unanimously recommend that all Shareholders vote in favour of the Resolution to be proposed at the General Meeting.\nThe Directors intend to vote in favour of the Resolution in respect of their own beneficial holdings amounting to 8,561,564 Ordinary Shares, representing approximately 29% of the Company's issued share capital.\nThe General Meeting of the Company is to be held at 10.15 a.m. on Thursday 6th August at Cranford House, Kenilworth Road, Leamington Spa, CV32 6RQ.\n\n\n- Ends - \n\n\nFor further information:\n\n\n\n\nFocus Solutions Group plc\n\n\n\n\n\n\n\nRichard Stevenson, Chief Executive \n\n\nTel: ...