Business
Share Capital Reduction & EGM
Share Capital Reduction & EGM.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n CSS Stellar PLC\n14 December 2007\n\n CSS Stellar plc (the 'Company')\n\n\n\n Share Capital Reduction and EGM\n\n\n\nIn his letter to shareholders of 24th July 2007, the Chairman of the Company at\nthat time, Peter Owen, referred to a proposed Share Capital reduction and\nundertook to write to shareholders with further information following the\nchanges in the major shareholdings.\n\n\n\nFollowing a number of changes to the board of directors, including the\nappointment of David Buchler as Chairman, the board has reviewed the\ncircumstances surrounding the transactions referred to in the Company's\nannouncement of 23rd May 2007. As a result the board concluded that an\nindependent legal review should be obtained before the Company committed to the\ncourse of action required to give effect to the Share Capital reduction and its\nconsequent expense.\n\n\n\nThat review is now complete and has concluded that the Board is not required to\neffect the Share Capital reduction at this time. The rationale for proceeding\nhad been to create distributable reserves and regularise transactions which took\nplace in 2005. Accordingly the Board will not be putting proposals to\nshareholders to give effect to the Share Capital Reduction and consequently\nthere is no requirement for the convening of an Extraordinary General Meeting.\n\n\n\nEnquiries:\n\n\n\nDavid Buchler 020 7647 9903\n\nChairman\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]