Business
Annual Financial Report
Annual Financial Report.
About this update from Future Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Future plc\n \n \n 15 December 2022\n \n \n \n \n \n Future plc\n \n \n (\"Future\" or the \"Company\")\n \n \n \n Proposed Capital Reduction and Notice of Annual General Meeting\n \n \n \n \n 15 December 2022\n \n \n \n \n \n \n \n \n Future announces that later today it will post its annual report (the \"Annual Report\") to shareholders, incorporating a notice of the annual general meeting (the \"AGM\"), regarding, amongst other items, a proposed capital reduction. The AGM will be held at 11am on 8 February 2023.\n \n \n \n \n \n The proposed capital reduction, if approved by shareholders, would create additional distributable reserves to provide flexibility for future dividend payments and/or share buybacks. In seeking approval of the Reduction of Capital, the Directors are not indicating any commitment, and, at the date of this announcement, do not have any immediate intention, to make any distributions (other than the recommended final dividend of 3.4p per share for the year ended 30 September 2022, payable on 14 February 2023 to all shareholders on the register at close of business on 20 January 2023, subject to shareholder approval at the AGM on 8 February 2023 as previous\n ly announced on 30 November 2022), or to buy back any Ordinary Shares.\n \n \n \n \n \n The process comprises: (i) the cancellation of the entire amount standing to the credit of the Company's share premium account (the \"Share Premium Reduction\") and (ii) the capitalisation of the entire amount standing to the credit of the Company's merger reserve by issuing B ordinary shares in the capital of the Company and the subsequent cancellation of such B ordinary shares (the \"Merger Reserve Reduction\"). The Share Premium Reduction and the Merger Reserve Reduction together comprise the \"Capital Reduction\".\n \n \n \n \n \n The Capital Reduction is conditional upon the passing of the resolutions set out in the notice of the AGM by the Company's shareholders, as well as approval being obtained in the Companies Court, London (the \"Court\").\n \n \n \n \n \n It is expected that the Capital Reduction, if approved by shareholders and confirmed by the Court, will create additional distributable reserves to the value of £669,820,258.\n \n \n \n \n \n The Annual Report (includi...