Business
Reduction of Capital and Return of Capital
Reduction of Capital and Return of Capital.
About this update from M Winkworth Plc
[{"type":"text","content":"\n \nRNS Number : 6210V M Winkworth Plc 24 July 2018 \n\nReduction of Capital and Return of Capital\n24 July 2018 \nM Winkworth PLC\nReduction of Capital and Return of Capital\nM Winkworth PLC (\"Winkworth\" or the \"Company\") announces that the High Court of Justice of England and Wales has made an order approving the Reduction of Capital. It is expected that the Court Order will be registered by the Registrar of Companies on 26 July. The Return of Capital will become effective on such registration taking place. \nDetails of the Reduction of Capital and the Return of Capital were set out in the circular to Shareholders dated 22 June 2018 (\"Circular\") and the resolution relating to the Reduction of Capital and the Return of Capital was approved by Shareholders at the General Meeting held on 9 July 2018. \nFollowing the Reduction of Capital, the total number of ordinary shares of 0.5p each in issue remains at 12,733,238. It is expected that CREST accounts or mandated bank accounts will be credited or cheques despatched (as appropriate) in respect of the Return of Capital on or around 8 August 2018. \nThe release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.\nAll capitalised terms in this announcement are as defined in the Circular.\nDominic Agace, CEO of the Company, commented: \"Winkworth continues to be cash generative and has a strong balance sheet, so we welcome this opportunity to return excess capital to shareholders. It remains the Company's policy, market conditions permitting, to make quarterly dividend payments, and we declared a second quarter dividend on 18 July. While the sales market remains challenging, our lettings business has started the year strongly and we continue to grow our franchise network.\"\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (\"MAR\").\nFor further information please contact:\n\n\n\nM Winkworth PLC\n\n\nTel: 020 7355 0206\n\n\n\n\nDominic Agace (Chief Executive Officer)\n\n\n\n\n\n\n\nAndrew Nicol (Chief Financial Officer)\n\n\n\n\n\n\n\nMilbourne\n\n\nTel: 07903 802545\n\n\n\n\nTim Draper (Financia...