REG - Tavistock Investment - Reduction of Share Premium Account

Tavistock InvestmentsAnnouncement

05/03/2018 13:55

RNS Number : 7164G
Tavistock Investments PLC
05 March 2018
Tavistock Investments plc
("Tavistock" or the "Company")
Court Approval for Reduction of Share Premium Account
5 March 2018
Tavistock, the fast-growing financial services group, is pleased to announce that, further to the Company's announcements made on 22 December 2017 and on 16 January 2018, the 23 million reduction of the Company's Share Premium Account to eliminate the historic deficit on the Company's profit and loss account and to create distributable reserves (the "Capital Reduction"), was approved on 27 February 2018 by the Court. The Court Order confirming the Capital Reduction, and a statement of capital approved by the Court, were then registered with the Registrar of Companies and, accordingly, the Capital Reduction is now effective.
This now enables the Company to pay a dividend to shareholders, should the Board consider it appropriate to do so.
There is no change in the number of the Company's Ordinary Shares in issue, or their nominal value, as a result of the Capital Reduction, which was described in the Circular sent to shareholders on 22 December 2017 and approved by shareholders at a General Meeting held on 16 January 2018.
The Group's CEO, Brian Raven, commented
"One of our stated objectives has been to introduce and manage, a dividend stream for the benefit of shareholders. However, it should be noted that the creation of distributable reserves does not itself guarantee the payment of a dividend."
Enquiries:
Tavistock Investments Plc
Oliver Cooke, Brian Raven
Tel: 01753 867000


Arden Partners Plc
Paul Shackleton
Tel: 020 7614 5900


Allenby Capital Limited
Nick Naylor, Nick Athanas
Tel: 020 3328 5656


Vested
Kitty Parry, Elspeth Rothwell
Tel: 020 3890 8118

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