17 December 2015
PETARDS GROUP PLC
('Petards' or the 'Group')
Completion of Capital Reduction
Petards (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to announce that it has received approval from the High Court to the reduction of the Company's share capital (the "Capital Reduction"). The principal purpose of the Capital Reduction, (details of which were set out in the Circular to shareholders dated 23 October 2015) is to create realised profits sufficient to eliminate the accrued deficit on the Company's profit and loss account.
Following registration of the Court order at Companies House, the Capital Reduction took effect on 16 December 2015. The Company has given certain undertakings to the Court in relation to the reserve arising on the Capital Reduction for the protection of the Company's creditors at the date on which the Capital Reduction took effect.
For further information:
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Petards Group plc |
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Raschid Abdullah, Chairman |
Mb: 07768 905 004 |
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Tel: 0191 420 3000 |
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WH Ireland Limited, Nomad and Joint Broker |
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Mike Coe/Ed Allsopp |
Tel: 0117 945 3470 |
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Hybridan LLP, Joint Broker |
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Claire Louise Noyce |
Tel: 020 3764 2341 claire.noyce@hybridan.com |
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This information is provided by RNS