Business
Update re Capital Reorganisat
Update re Capital Reorganisat.
About this update from Ingenta Plc
[{"type":"text","content":"\n RNS Number : 4262I Publishing Technology PLC 18 November 2008 \n \n18 November 2008\n\nFOR IMMEDIATE RELEASE\n\nPublishing Technology PLC\n\nReduction of Capital effective 29 October 2008\n\nPublishing Technology plc (LSE: PTO), which provides online systems, management software and consulting services to trade and academic, journal and book publishers, has today announced that on 29 October 2008 the High Court of Justice confirmed the reduction of the capital of the Company from £15,274,163.58 to £1,200,000.00 and the cancellation of the entire amount of the share premium account, £21,806,289.48, as previously approved by the Company's shareholders at its Annual General Meeting on 24 July 2008. \n\nThe reduction and cancellation became effective on 29 October 2008 upon registration by Companies House which occurred on 12 November 2008. \n\nThe deficit of £29,988,986.85 on the Company's profit and loss account as at 31 August 2008 has therefore been eliminated and a potentially distributable reserve of £8,182,697.37 has been created. The Company has given certain undertakings to the Court regarding the circumstances in which such reserve could be distributed. \n\nGeorge Lossius, CEO said \"This capital reduction, which was approved by shareholders at the Annual General Meeting in July 2008, represents a positive step forward for Publishing Technology and its investors, as we position the company to remain profitable during the anticipated difficult economic conditions of the coming months.\"\n\nFor further information please contact: \n\n\n\n\n\nThe Communication Group plc\n\n\n\n\n\n\n\nRichard Evans / Kit Bingham\n\n\n020 7630 1411 \n\n\n\n\n\n\n\n\n\n\n\n\nArbuthnot Securities Limited\n\n\n\n\n\n\n\nTom Griffiths\n\n\n020 7012 2000\n\n\n\n\n\n\n\n\n\n\n\n\nPublishing Technology plc\n\n\n\n\n\n\n\nAlan Moug, CFO\n\n\n01865 397 800 \n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCFKFKQABDDQDD\n ","length":4210,"tagName":"div"}]