11 November 2015
PETARDS GROUP PLC
('Petards' or the 'Group')
Result of General Meeting
Petards (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to announce that at its General Meeting held today, the resolutions required to implement the Capital Reduction were duly passed. 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.
The Capital Reduction now needs to be approved by the Court. It is anticipated that the initial directions hearing by the Court in relation to the Capital Reduction will take place on 3 December 2015 with the final hearing taking place on 16 December 2015 and the Capital Reduction becoming effective on that day, following the necessary registration of the Court order at Companies House.
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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Andy Wonnacott, Finance Director |
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 7947 4350 claire.noyce@hybridan.com |
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St Brides Partners Limited, Financial PR |
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Elisabeth Cowell, Charlotte Heap |
Tel: 020 7236 1177 |
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This information is provided by RNS