(Alliance News) - CentralNic Group PLC said Friday it has completed its capital reduction, following approval from the High Court.
The move was first was agreed at the company's annual general meeting in early June.
"The capital reduction increases the company's distributable reserves and facilitates making future distributions to its shareholders, including the payment of dividends," the internet services firm explained.
CentralNic continued: "The capital reduction does not result in any cash outflow nor does it impact the company's profits. There is no change in the number of shares in issue or their nominal value. The capital reduction itself does not involve any distribution or repayment of capital or share premium by the company and does not reduce the underlying net assets of the company.
Chief Executive Ben Crawford added: "It is an opportune time to undertake this capital reduction, thereby making the payment of dividends possible, should the board decide at a future date that the financial performance of the group and the economic environment indicate that issuing a dividend is the most appropriate action to benefit shareholders."
Shares in CentralNic closed 0.6% lower in London on Friday at 85.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
