CSS Stellar PLC
14 December 2007
CSS Stellar plc (the 'Company')
Share Capital Reduction and EGM
In his letter to shareholders of 24th July 2007, the Chairman of the Company at
that time, Peter Owen, referred to a proposed Share Capital reduction and
undertook to write to shareholders with further information following the
changes in the major shareholdings.
Following a number of changes to the board of directors, including the
appointment of David Buchler as Chairman, the board has reviewed the
circumstances surrounding the transactions referred to in the Company's
announcement of 23rd May 2007. As a result the board concluded that an
independent legal review should be obtained before the Company committed to the
course of action required to give effect to the Share Capital reduction and its
consequent expense.
That review is now complete and has concluded that the Board is not required to
effect the Share Capital reduction at this time. The rationale for proceeding
had been to create distributable reserves and regularise transactions which took
place in 2005. Accordingly the Board will not be putting proposals to
shareholders to give effect to the Share Capital Reduction and consequently
there is no requirement for the convening of an Extraordinary General Meeting.
Enquiries:
David Buchler 020 7647 9903
Chairman
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