Octagonal PLC Confirmation of Capital Reduction (0270V)
October 31 2017 - 3:00AM
UK Regulatory
TIDMOCT
RNS Number : 0270V
Octagonal PLC
31 October 2017
For immediate release
31 October 2017
Octagonal plc
("Octagonal" or the "Company")
Confirmation of Reduction of Capital (the "Capital Reduction")
and declaration of potential maiden dividend
Octagonal Plc (LSE: OCT), the AIM traded financial services
group, is pleased to announce that the Court hearing to confirm and
approve the Capital Reduction has been held and the Capital
Reduction approved. The Reduction of Capital is now effective, the
result of which is the cancellation of all issued deferred shares
in the capital of the Company and the cancellation of the Company's
share premium account. The effect of these actions has been to
eliminate the deficit on distributable reserves enabling dividends
to be considered.
Further details of the Capital Reduction were sent to
Shareholders in the Notice of AGM published on 4 September
2017.
As a result of the Capital Reduction, there will be no change to
the number of Ordinary Shares in issue, and the rights attaching to
the Ordinary Shares will remain the same.
The Company, on the basis of the above, is now in a position to
pay a dividend and accordingly declares a dividend of 0.1pence per
share, which it expects to be distributed before the end of this
year and subject to the declaration of the Record, Ex-date and
payment date. A further announcement confirming the dates of such
will be made in due course.
John Gunn, Chairman and CEO comments:
"We are pleased to make this announcement in relation to the
capital reorganisation and the declaration of our first dividend.
The Octagonal board intend to have a progressive dividend policy
taking into consideration earnings and future capital requirement
of the Group's businesses."
This announcement contains inside information.
For further information please visit www.octagonalplc.com or
contact:
+44 (0) 20
Octagonal Plc 7048 9400
John Gunn, CEO
Beaumont Cornish Limited (Nominated
Adviser and Broker) +44 (0) 20
James Biddle / Roland Cornish 7628 3396
www.beaumontcornish.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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