REG - Future PLC - Proposed Capital Reduction

FutureAnnouncement

10/11/2023 14:30

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RNS Number : 1338T  Future PLC  10 November 2023

10 November 2023

 

 

 

Future plc

("Future" or the "Company")

Proposed Capital Reduction

 

 

Following approval by shareholders at the Annual General Meeting held on 8
February 2023 of the proposed capital reduction to create additional
distributable reserves to provide flexibility for future dividend payments
and/or share buybacks, and a pause in order to seek the necessary consents
under the Company's loan arrangements, which have now been obtained, the
Directors wish to communicate an update to the expected timetable:

 

The process comprises: (i) the cancellation of the entire amount standing to
the credit of the Company's share premium account (the "Share Premium
Reduction") and (ii) the capitalisation of the entire amount standing to the
credit of the Company's merger reserve by issuing B ordinary shares in the
capital of the Company and the subsequent cancellation of such B ordinary
shares (the "Merger Reserve Reduction"). The Share Premium Reduction and the
Merger Reserve Reduction together comprise the "Capital Reduction".

 

The Capital Reduction is conditional upon approval being obtained in the
Companies Court, London (the "Court").

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 

 Expected date of the first Court hearing for initial directions  on or around 28 November 2023
 Capital Reduction Record Time                                    6.30 p.m. on the Business Day preceding the Court hearing to confirm the
                                                                  Reduction of Capital
 Expected date of the second Court hearing                        on or around 19 December 2023 to confirm the Reduction of Capital
 Effective Date of the Reduction of Capital                       Business Day after the Court order confirming the Reduction of Capital

 

Notes:

(1)   Each of the times and dates set out above is based on current
expectations and is subject to change. If any of the above times and/or dates
is changed, the revised times and/or dates will be notified to Shareholders by
announcement through a Regulatory Information Service.

(2)   All above references to times are to London (GMT) times.

 

Enquiries:

 

 Future plc                                    Tel: +44 (0)1225 442244

 Jon Steinberg, Chief Executive Officer

Penny Ladkin-Brand, Chief Financial Officer

 Marion Le Bot, Head of Investor Relations

 Headland Consultancy (Financial PR)           Tel: +44 (0)20 3805 4822

 Stephen Malthouse                             +44 (0)7734 956 201

Rob Walker
+44 (0)77 9195 8922

Charlie Twigg

future@headlandconsultancy.com

 

 

 

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