TGR Tirupati Graphite Plc

RNS Number:0325T
10 Group PLC
15 March 2002



                                  10 GROUP PLC



             PROPOSED CAPITAL RECONSTRUCTION AND CAPITAL REDUCTION


10 Group plc is posting a circular to shareholders setting out details of a
proposed reconstruction and reduction of its share capital.



Details of the Capital Reconstruction



It is proposed that each of the existing issued and unissued Ordinary Shares of
0.25p be subdivided into one New Ordinary Share of 0.01p and one New Deferred
Share of 0.24p. The New Deferred Shares of 0.24p each would have no rights to
vote or to participate in dividends and carry limited rights on any return of
capital (whether on a liquidation or otherwise). The Capital Reconstruction will
require the approval of the Shareholders of the Company.



Details of the Capital Reduction



As at 31 December 2000, the audited balance sheet of the Company showed an
accumulated deficit on profit and loss account of £14,720,700. The Directors
consider that it would be appropriate in the context of the Capital
Reconstruction to effect a reduction of capital as they believe that the
accumulated deficit on the Company's profit and loss account cannot be recovered
through its trading activities in the short term. For this reason, subject to
Shareholders' approval of the Capital Reconstruction, it is proposed to effect a
reduction of capital by cancelling the existing Deferred Shares and the new
Deferred Shares and by cancelling £5,432,353 of the share premium account. If
approved by the High Court, this will enable the Company to eliminate the
accumulated profit and loss account deficit as at 31 December 2000. For the
avoidance of doubt, the Capital Reduction will not decrease the net asset value
of the Company. Following the Capital Reduction, the authorised share capital of
the Company will be £250,000 divided into 2,500,000,000 Ordinary Shares of 0.01p
each; the issued share capital of the Company will be £110,060 divided into
1,110,604,465 Ordinary Shares of 0.01p each. Shareholders should note that their
existing Ordinary Shares will be unaffected by these actions and all existing
share certificates remain valid.



Extraordinary General Meeting



An Extraordinary General Meeting of the Company is to be held at 10 Clement
Street, Birmingham B1 2SL on 10 April 2002 at 12.00 noon at which resolutions
will be proposed to approve the proposed capital reconstruction and capital
reduction



15 March, 2002



Inquiries:



Andy Moore - Chairman

10 Group plc,

10 Clement Street,

Birmingham B1 2SL



Tel: 0121 233 1122



See also www.10group.co.uk



OR



Andy Skinner,

Marketing Management



Tel: 01527 892004

Mobile: 07990 978257







                      This information is provided by RNS
            The company news service from the London Stock Exchange

Tirupati Graphite (LSE:TGR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Tirupati Graphite (LSE:TGR)
Historical Stock Chart
From Jul 2023 to Jul 2024