Business
Proposed return of capital
Proposed return of capital.
About this update from M Winkworth Plc
[{"type":"text","content":"\n \nRNS Number : 1987S M Winkworth Plc 22 June 2018 \n\n22 June 2018\nM Winkworth plc\n \nProposed return of capital\n \nM Winkworth plc (\"Winkworth\" or the \"Company\"), the leading franchisor of real estate agencies, is proposing to return approximately £1.146 million of surplus funds to its shareholders by way of a capital payment (the \"Return of Capital\"), subject to finalisation of the process and shareholder approval. The effect of the proposed Return of Capital will be that for every fully paid ordinary share of 0.5 pence in the Company held at the Record Date, a shareholder will receive 9 pence in cash.\n \nThe proposed cancellation of the Company's share premium account of approximately £1.793 million will enable the Company to make the Return of Capital to shareholders of approximately £1.146 million in aggregate. The balance of approximately £0.647 million, less the costs of the Return of Capital, would then be transferred to the Company's profit and loss account thereby creating additional distributable reserves, which may be utilised by the Company for facilitating future returns of cash to Shareholders.\n \nA circular, containing further details of the Return of Capital, will be posted today to the Company's shareholders (the \"Circular\") along with a Form of Proxy to vote at a General Meeting to be held at the offices of Norton Rose Fulbright LLP at 3 More London Riverside, London SE1 2AQ at 10.30am on 9 July 2018.\n \nDominic Agace, CEO of the Company, commented: \"Winkworth's franchising model is not capital intensive and, since its admission to AIM in 2009, the Company has created regular free cash flow. We believe that it is currently in shareholders' best interest for excess capital to be returned. We remain alert to acquisition opportunities and, should the need arise, we will approach shareholders to help fund any sizeable acquisitions. In the meantime, we continue to successfully grow our franchise network organically, with a further eight offices scheduled to be added in 2018.\"\n \nThe expected timetable of events is detailed below and the circular to shareholders can be viewed at www.winkworthplc.com\n \n\n\n\n\nLatest time and date for receipt of Forms of Proxy\n\n\n \n\n\n 10.30am on 5 July 2018\n\n\n\n\nGeneral Meeting\n\n\n \n\n\n 10...