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LONDON (Alliance News) - Mobile data products company Crimson Tide PLC on Wednesday said it has started the process of seeking approval from its shareholders for a capital reconstruction.
The group said the purpose of seeking the reconstruction is to "create positive retained earnings" on its balance sheet which would allow it to pay dividends in the future.
Crimson Tide also will seek approval for share buy backs and will eliminate its deferred shares, it said.
The company will hold a general meeting on the proposal on January 26.
"Considering the company's recent performance, we have decided to undertake this exercise which will, at the discretion of the directors, allow dividends to be considered for the first time since we came to AIM," said Barrie Whipp, Crimson Tide's executive chairman.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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