Business
Confirmation of reduction of capital
Confirmation of reduction of capital.
About this update from Renalytix Plc
[{"type":"text","content":"\n \n \n RNS Number : 4673P\n Renalytix AI PLC\n 10 June 2020\n \n \n \n \n \n \n \n Renalytix AI plc\n \n \n (\"RenalytixAI\", the \"Company\")\n \n \n \n \n \n \n Confirmation of reduction of capital\n \n \n \n \n \n \n \n \n \n Renalytix AI plc \n (LSE\n : RENX), a commercial-stage\n artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs, announces that it has yesterday received the confirmation of the High Court of England and Wales approving a reduction of the Company's capital (\"Capital Reduction\"), following receipt of shareholder approval at the Company's general meeting held 15 May 2020. \n \n \n \n \n \n The completion of the Capital Reduction will result in an increase in the distributable reserves of the Company of approximately $50,138,270 from the cancellation of the Company's share premium account. It is anticipated that the Capital Reduction will become effective imminently following registration of the Court order by the Registrar of Companies. \n \n \n \n \n \n The increase in the Company's distributable reserves will allow the Company to facilitate: \n \n \n \n \n \n (i) a distribution in specie of shares in Verici Dx Limited to the Company's shareholders to implement the possible spin-out and admission to AIM of that entity, which will further develop and commercilise the FractalDx kidney transplant product technology;\n \n \n (ii) the future consideration of payment of dividends to shareholders where justified by the profits of the Company; and\n \n \n (iii) the future redemption or buy back of the Company's shares where desirable.\n \n \n \n \n \n The Company's directors (\"Directors\") are continuing to explore potential funding options for the Fractal Dx portfolio, and the Directors intend to conduct initial market soundings in order to assist them in determining the feasibility of an initial public offering. Further announcements will be made at the appropriate time.\n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n Renalytix AI plc \n \n \n \n \n \n \n www.renalytixai.com\n \n \n \n \n \n \n \n \n James McCullough, CEO \n \n \n \n \n ...