Management Consulting Group PLC Reduction of Capital and Return of Capital update (7494Q)
December 02 2016 - 2:01AM
UK Regulatory
TIDMMMC
RNS Number : 7494Q
Management Consulting Group PLC
02 December 2016
2 December 2016
Reduction of Capital and Return of Capital update
Management Consulting Group PLC ("MCG") today announces that,
further to a resolution passed by Shareholders at the general
meeting convened and held on 21 October 2016, an application has
been submitted to the High Court of Justice of England and Wales
(the "Court") for the proposed reduction of MCG's share capital
(the "Reduction of Capital").
The application to the Court is for the share premium account of
MCG to be reduced by GBP75 million and the amount so arising to be
repaid to shareholders as a return of capital (the "Return of
Capital"), and, in addition, for the deferred shares of MCG to be
cancelled and the sum arising to be credited to MCG's profit and
loss account.
Full details of the Reduction of Capital and the Return of
Capital were set out in the Circular and Notice of General Meeting
dated 4 October 2016, in connection with the sale of Kurt Salmon
(the "Disposal"). The completion of the Disposal was announced on 2
November 2016.
The Circular also contained a description of the financial
effects of the Disposal and the use of proceeds, and the current
trading and future prospects of the MCG Group following the
Disposal (the "Retained Group"). The Circular noted that Alexander
Proudfoot comprises the sole trading operations of the Retained
Group, and is currently loss making. A copy of the Circular is
available on the Company's website at www.mcgplc.com/investors.
Should the Court approve the Reduction of Capital, it will
become effective when it has been registered with the Registrar of
Companies. A further announcement will be made in due course.
Subject to the approval of the Court, the expected timetable of
events is set out below.
EXPECTED TIMETABLE OF EVENTS
Record Date for Return 6.00 p.m. on Wednesday
of Capital 7 December 2016
Ordinary Shares commence 8.00 a.m. on Thursday
trading ex-entitlement 8 December 2016
to Return of Capital
Dispatch of cheques to On or around Wednesday
Shareholders or Shareholders' 14 December 2016
CREST accounts credited
(as appropriate) in respect
of Return of Capital entitlements
Enquiries:
For further information please contact:
MCG Tel: +44 20 7710 5000
Nick Stagg, Chief Executive
FTI Consulting Tel: +44 20 3727 1000
Ben Atwell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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