Business
Reduction of Share Premium Account
Reduction of Share Premium Account.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \nRNS Number : 7164G Tavistock Investments PLC 05 March 2018 \n\nTavistock Investments plc\n(\"Tavistock\" or the \"Company\")\nCourt Approval for Reduction of Share Premium Account\n \n5 March 2018\nTavistock, the fast-growing financial services group, is pleased to announce that, further to the Company's announcements made on 22 December 2017 and on 16 January 2018, the £23 million reduction of the Company's Share Premium Account to eliminate the historic deficit on the Company's profit and loss account and to create distributable reserves (the \"Capital Reduction\"), was approved on 27 February 2018 by the Court. The Court Order confirming the Capital Reduction, and a statement of capital approved by the Court, were then registered with the Registrar of Companies and, accordingly, the Capital Reduction is now effective.\nThis now enables the Company to pay a dividend to shareholders, should the Board consider it appropriate to do so.\nThere is no change in the number of the Company's Ordinary Shares in issue, or their nominal value, as a result of the Capital Reduction, which was described in the Circular sent to shareholders on 22 December 2017 and approved by shareholders at a General Meeting held on 16 January 2018.\nThe Group's CEO, Brian Raven, commented\n\"One of our stated objectives has been to introduce and manage, a dividend stream for the benefit of shareholders. However, it should be noted that the creation of distributable reserves does not itself guarantee the payment of a dividend.\"\n \nEnquiries:\n\n\n\n\nTavistock Investments Plc\nOliver Cooke, Brian Raven \n\n\nTel: 01753 867000\n \n\n\n\n\n\n\n\n\n\n\n\n\nArden Partners Plc\nPaul Shackleton\n\n\nTel: 020 7614 5900\n\n\n\n\n\n\n\n\n\n\n\n\nAllenby Capital Limited\nNick Naylor, Nick Athanas\n\n\nTel: 020 3328 5656\n\n\n\n\n\n\n\n\n\n\n\n\nVested\nKitty Parry, Elspeth Rothwell\n\n\nTel: 020 3890 8118\n \n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END CARLLFSVVAIEIIT\n ","length":4293,"tagName":"div"}]