Business
Release of Special Reserve
Release of Special Reserve.
About this update from Volex Plc
[{"type":"text","content":"\n RNS Number : 5394X Volex Group PLC 08 December 2010 \n \n\n \n \n \n\n\n\n\nImmediate Release\n\n\n8 December 2010 \n \n\n\n\n\n \n \n \nVolex Group plc\n \n \nRelease of Special Reserve\n \nVolex Group plc announces that, following the approval of its shareholders at a general meeting held on 1 October 2010, the Company has been granted a court order releasing it from its undertaking to maintain a special reserve created in connection with the capital reduction carried out by the Company on 18 October 2005.\n \nThe effect of this release is to reduce the accumulated losses in the Company's profit & loss account by the value of the special reserve. As of the end of the previous financial year, 4 April 2010, the balance on the special reserve was £18,125,000 and the accumulated losses on the profit & loss account were £25,766,000. This accelerates the point in time at which the Company would be able to declare and pay a dividend.\n \n \n \nEnd\n \n \n \n \nFor further information please contact:\n \nVolex Group plc +44 20 3370 8830\nRay Walsh, Group Chief Executive\nAndrew Cherry, Group Finance Director\n \nBuchanan Communications  ...