Equals Group PLC Proposed Reduction in Share Premium Account (0825M)
September 12 2023 - 2:00AM
UK Regulatory
TIDMEQLS
RNS Number : 0825M
Equals Group PLC
12 September 2023
For immediate release 12 September 2023
Equals Group plc
('Equals', the 'Group' or the 'Company')
Proposed Reduction in Share Premium Account
Publication of Circular and Notice of General Meeting
Equals Group plc (AIM:EQLS), the fintech payments group focused
on the Enterprise and SME marketplaces, is pleased to announce that
tomorrow, 13 September 2023, it will be posting to shareholders a
circular (the 'Circular'), regarding the proposed reduction of the
Company's Share Premium Account in the amount of GBP25,000,000.00
to GBP31,648,823.20 (the 'Capital Reduction').
The Circular contains a notice of general meeting of the
Company's shareholders (the 'Notice of General Meeting'), which is
to be held at the of ces of Buchanan Communications Ltd, 107
Cheapside, London EC2V 6DN on 3 October 2023 at 11.30 a.m. at which
a special resolution will be proposed to approve the Capital
Reduction.
The Capital Reduction is conditional upon the passing by the
Company's shareholders of the special resolution set out in the
Notice of General Meeting, as well as the subsequent confirmation
by the High Court of the cancellation.
If it becomes effective, the Capital Reduction would create
additional distributable reserves to the value of around
GBP25,000,000, which (subject to any arrangements required for the
protection of the Company's creditors and any directions given by
the High Court of Justice in England and Wales (the 'Court'), in
confirming the cancellation) may be used by the Company to deliver
returns to shareholders in the future, whether in the form of
dividends, distributions or purchases of the Company's own shares.
The Capital Reduction is expected to be completed by mid
Q4-2023.
T he Board intends conditional, inter alia, upon the completion
of the proposed capital reduction, to pay a maiden dividend of 1.5
pence per share in respect of the financial year 2023. A further
announcement will be made in due course following the conclusion of
the capital reduction process.
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Canaccord Genuity (Nominated Adviser &
Joint Broker)
Max Hartley / Harry Rees Tel: +44 (0) 20 7523
8150
Peel Hunt LLP (Joint Broker)
Paul Shackleton / John Welch Tel: +44 (0) 20 7418
8900
Buchanan (Financial Communications)
Henry Harrison-Topham / Stephanie Whitmore Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com www.buchanan.uk.com
Notes to Editors:
Equals Group plc is a technology-led international payments
group augmented by highly personalised service for the payment
needs of SME's whether these be FX, card payments or via Faster
Payments. Founded in 2007, the Group listed on AIM in 2014. For
more information, please visit www.equalsplc.com .
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END
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