REG - Brave Bison Grp PLC - Reduction of Capital Effective

Brave BisonAnnouncement

21/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241021:nRSU8087Ia&default-theme=true

RNS Number : 8087I  Brave Bison Group PLC  21 October 2024

21 October 2024

 

 

Brave Bison Group plc

("Brave Bison" or the "Company")

 

Reduction of Capital Effective

 

Brave Bison, the digital advertising and technology services company,
announces that the Reduction of Capital approved by Brave Bison shareholders
in June 2024 has now become effective.

 

The increase in distributable reserves created by the Reduction of Capital
supports both the potential future payment by the Company of dividends to
Shareholders as well as future share buybacks should circumstances dictate
that it is desirable to do so.

 

Whilst there is no current intention to return any amounts to shareholders the
Board intends to keep this under review and wishes to be able to proceed if
this is thought to be in Shareholders' interests.

 

At the annual general meeting of the Company held on 19 June 2024 (the "AGM"),
all resolutions proposed to the shareholders of the Company (the
"Shareholders"), as set out in the notice of AGM sent to Shareholders on 24
May 2024 (the "Notice of AGM"), were passed by the Shareholders.

 

The resolutions passed at the AGM included those in respect of the Reduction
of Capital, whereby the Company proposed to cancel (i) all of the B Ordinary
Shares, (ii) the share premium account, and (iii) the capital redemption
reserve.

 

In connection with the Reduction of Capital, and in accordance with the
resolutions passed at the AGM, on 7 October 2024, the Company capitalised
£62,624,450 (being the amount standing to the credit of the Company's merger
relief reserve) and allotted and issued 1,291,813,947 B Ordinary Shares.

 

The Reduction of Capital required Court approval and the Company is pleased to
announce that Court approval has now been obtained. Following registration of
the Court order approving the Reduction of Capital with Companies House on 17
October 2024, the Reduction of Capital is now effective, and as a result, has
increased the Company's distributable reserves by £158,436,206.60.

 

Following the implementation of the Reduction of Capital there is no change to
the number of Ordinary Shares in issue (or their nominal value), and no new
share certificates will be issued as a result of the Reduction of Capital.

 

Capitalised terms used in this announcement, and not otherwise defined, have
the same meaning as given in the Notice of AGM.

 

For further information please contact:

 

 Brave Bison Group plc                              via Cavendish
 Oliver Green, Executive Chairman
     Theo Green, Chief Growth Officer
     Philippa Norridge, Chief Financial Officer

 Cavendish Capital Markets                          +44 (0) 20 7220 0500
 Nominated Adviser & Broker
 Ben Jeynes
 Dan Hodkinson

-ENDS-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct 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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CARMPBBTMTBBBII