M Winkworth Plc Reduction of Capital and Return of Capital (6210V)
July 24 2018 - 9:18AM
UK Regulatory
TIDMWINK
RNS Number : 6210V
M Winkworth Plc
24 July 2018
Reduction of Capital and Return of Capital
24 July 2018
M Winkworth PLC
Reduction of Capital and Return of Capital
M Winkworth PLC ("Winkworth" or the "Company") announces that
the High Court of Justice of England and Wales has made an order
approving the Reduction of Capital. It is expected that the Court
Order will be registered by the Registrar of Companies on 26 July.
The Return of Capital will become effective on such registration
taking place.
Details of the Reduction of Capital and the Return of Capital
were set out in the circular to Shareholders dated 22 June 2018
("Circular") and the resolution relating to the Reduction of
Capital and the Return of Capital was approved by Shareholders at
the General Meeting held on 9 July 2018.
Following the Reduction of Capital, the total number of ordinary
shares of 0.5p each in issue remains at 12,733,238. It is expected
that CREST accounts or mandated bank accounts will be credited or
cheques despatched (as appropriate) in respect of the Return of
Capital on or around 8 August 2018.
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
All capitalised terms in this announcement are as defined in the
Circular.
Dominic Agace, CEO of the Company, commented: "Winkworth
continues to be cash generative and has a strong balance sheet, so
we welcome this opportunity to return excess capital to
shareholders. It remains the Company's policy, market conditions
permitting, to make quarterly dividend payments, and we declared a
second quarter dividend on 18 July. While the sales market remains
challenging, our lettings business has started the year strongly
and we continue to grow our franchise network."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR").
For further information please contact:
M Winkworth PLC Tel: 020 7355 0206
Dominic Agace (Chief Executive Officer)
Andrew Nicol (Chief Financial Officer)
Milbourne Tel: 07903 802545
Tim Draper (Financial PR)
Stockdale Securities Limited (NOMAD and Broker) Tel: 020 3100 2000
Robert Finlay / Ed Thomas
About Winkworth
Winkworth is a leading franchisor of residential real estate
agencies and is admitted to trading on the AIM Market of the London
Stock Exchange.
Established in Mayfair in 1835, Winkworth has a pre-eminent
position in the mid to upper segments of the central London
residential sales and lettings markets. In total the company
operates from some 100 offices, having expanded consistently in
recent years.
The franchise model allows entrepreneurial real estate
professionals to provide the highest standards of service under the
banner of a well-respected brand name and to benefit from the
support and promotion that Winkworth offers. Franchisees deliver
in-depth local knowledge and a highly personalised service to their
clients.
www.winkworthplc.com
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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