REG - Coral Products PLC - Posting of Annual Report, Notice of AGM and GM

Coral ProductsAnnouncement

07/09/2022 07:00

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RNS Number : 5053Y  Coral Products PLC  07 September 2022

7 September 2022

Coral Products plc

("Coral" or the "Company")

 

Posting of Annual Report, notice of AGM and

proposed cancellation of share premium account and capital redemption reserve

 

Coral Products PLC, a specialist in the design, manufacture and supply of
injection moulded plastic products based in Wythenshawe, Manchester announces
that its report and accounts for the year ended 30 April 2022 together with a
notice of its Annual General Meeting ("AGM"), to be held at 12:00 p.m. on 29
September 2022 at Tatra Rotalac Limited, Southmoor Road, Wythenshawe,
Manchester, M23 9DS, will today be posted to shareholders of the Company.

Coral further announces that a circular convening a general meeting on 29
September at 12.15 p.m. (or as soon thereafter as the Company's AGM has
concluded) will be posted to shareholders later today to seek approval to
cancel the Company's share premium account and capital redemption reserve,
which are steps required to allow the future payment of dividends.

A copy of the circular will be available at www.coralproducts.com

The Companies Act 2006 only permits a company to make distributions to its
shareholders out of its profits available for that purpose. Such profits are
broadly a company's accumulated realised profits so far as not previously
utilised by distribution or capitalisation less its accumulated realised
losses.

If the proposed share premium cancellation and proposed capital redemption
reserve cancellation, are approved by shareholders at the general meeting,
they will be subject to the scrutiny of, and confirmation by the High Court of
Justice of England and Wales ("High Court").

Following the implementation of the share premium cancellation and the capital
redemption reserve cancellation there would be no change in the nominal value
of the Company's ordinary shares or the number of ordinary shares in issue.
The share premium cancellation and the capital redemption reserve cancellation
themselves will not involve any distribution or repayment by the Company and
will not reduce the underlying net assets of the Company.

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 

                                                                             2022

 Publication of this document and Form of Proxy                              6 September

 Latest time and date for receipt of Forms of Proxy and CREST voting         12.00 noon on 27 September
 instructions

 General Meeting                                                             12.15 p.m. on 29 September

 Court hearing of application to confirm the Reduction of Capital            8 November
 Registration of Court Order and Effective Date of the Reduction of Capital  15 November

 

Notes:

 

1.     The times and dates are based on the Company's current expectations
and are subject to change. The times and dates are indicative only and will
depend, among other things, on the date on which the High Court; confirms the
share premium cancellation and the capital redemption reserve cancellation.
The provisional directions hearing date and final hearing date are subject to
change and dependent upon the High Court.

2.      The timetable assumes that there is no adjournment of the general
meeting. If the date scheduled for the General Meeting changes, the revised
date and / or time will be notified to Shareholders by a further Shareholder
letter.

3.  All times shown are London times unless otherwise stated.

 

For further information, please contact:

 

 Coral Products plc

 Joe Grimmond, Chairman                         Tel: 07703 518 148

 Nominated Adviser & Broker

 Cenkos LLP                                     Tel: 020 7397 1966

 Stephen Keys

 Charlie Combe

 Capital Markets Consultants                    Tel: 07515 587 184

 Richard Pearson

 

This announcement has been posted to: https://coralproducts.com/

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

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