(Alliance News) - Mirada PLC late Tuesday said the High Court has confirmed the cancellation of GBP10.0 million standing to the credit of the share premium account of the company.
As at the end of March 2019, the broadcasting company had a balance of GBP10.0 million on its share premium account and an accumulated deficit on its audited profit and loss account of GBP12.4 million.
Accordingly, Mirada said the proportion of its accumulated losses to the aggregate of its share capital, share premium and other reserves was 65.7%.
By cancelling the company's share premium account and crediting such amount to its balance sheet, Mirada said it should be able to improve its position to access publicly funded loans, should it be required, as its accumulated losses will then be less than 50% of its share capital and other reserves.
Mirada shares closed 7.4% higher in London on Tuesday at 145.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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