Watchstone Group PLC Reduction of Capital & Return of Capital Approval (2651J)

TIDMWTG

RNS Number : 2651J

Watchstone Group PLC

16 December 2015

Watchstone Group plc

("Watchstone" or the "Company")

Reduction of Capital and Return of Capital

The Company announces that the High Court of Justice in England and Wales has made an order approving the reduction of the Company's share capital under the Companies Act 2006. Details of the Reduction of Capital were set out in the circular to shareholders dated 9 November 2015 and the proposal was approved by shareholders at the General Meeting held on 26 November 2015. The order of the Court will be filed with Companies House on 18 December 2015, and the Reduction of Capital will become effective upon registration on the same day. The Return of Capital will also become effective on 18 December 2015.

Following approval of the Reduction of Capital and the Return of Capital and following shareholder approval of the Consolidation proposed at the General Meeting, the Consolidation will take place on 21 December 2015.

As planned and previously announced, trading in the Company's shares will remain temporarily suspended until the market opening on Monday, 21 December 2015. Upon the Consolidation taking place the existing Ordinary Shares of 1 pence each with ISIN GB00BMTS9H89 will be become Consolidated Ordinary Shares of 10 pence each with the new ISIN GB00BYNBFN51. The Consolidated Ordinary Shares will continue to trade on the AIM of the London Stock Exchange upon the suspension being lifted.

Updated Timetable of Events

 
 Return of Capital Record Date                      6:00 p.m. on 
                                            Thursday 17 December 
                                                            2015 
 Registration of Court Order and              Friday 18 December 
  Effective Date of Return of Capital                       2015 
 Consolidation Record Date                          6:00 p.m. on 
                                              Friday 18 December 
                                                            2015 
 Suspension ends, Share Consolidation               8:00 a.m. on 
  Effective and Consolidated Ordinary         Monday 21 December 
  Shares commence trading ex-entitlement                    2015 
  to Return of Capital 
 Dispatch of cheques to Shareholders                On or around 
  or Shareholders' CREST accounts               31 December 2015 
  credited (as appropriate) in respect 
  of Return of Capital entitlements

All references to time in this announcement are to London time.

For further information:

 
 Watchstone Group plc                               Tel: 01489 864 
                                                     200 
 Richard Rose, Non-executive 
  Chairman 
  Indro Mukerjee, Group Chief 
  Executive Officer 
 Stephen Joseph, Head of Investor 
  Relations 
 
 Tulchan Communications                    Tel: 020 7353 4200 
 Susanna Voyle 
  Charlotte Church 
 
   Peel Hunt LLP, Nominated Adviser         Tel: 020 7418 8900 
   and broker 
 Dan Webster 
  George Sellar

This information is provided by RNS

The company news service from the London Stock Exchange

END

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