ITIS Holdings PLC
29 October 2007
ITIS Holdings plc
('ITIS' or the 'Company')
General meeting in relation to a proposed reduction of capital
ITIS announces that it has today posted a circular to shareholders to convene a
general meeting at 9 a.m. on Thursday 22 November 2007 at the Company's
registered office (5th Floor, Station House, Stamford New Road, Altrincham,
Cheshire WA14 1EP).
The purpose of the meeting is to seek shareholder approval for the proposed
elimination of an accumulated deficit on its profit and loss account of
£33,520,972 by the cancellation of the whole of the amount standing to the
credit of its share premium account.
If the resolution to cancel the Company's share premium account is passed by
shareholders, the Company will then seek the confirmation of the High Court of
Justice Chancery Division to the cancellation of the share premium account. On
the current timetable, the cancellation would become effective on 24 January
2008.
The effect of the capital reduction will also be to create a substantial
distributable reserve which will be available for the payment of future
dividends.
A resolution will also be proposed at the general meeting to increase the
authorised share capital of the Company to £10,000,000 by the creation of an
additional 2,450 Ordinary Shares of 2p each.
A copy of the circular sent to shareholders will from tomorrow morning be
available on the Company's website, www.itisholding.com and from the Company's
registered office as detailed above.
This information is provided by RNS
The company news service from the London Stock Exchange