Metals Exploration PLC - mineral resources exploration and development company with assets in the Philippines - Confirms that the High Court of England & Wales has approved its reduction of capital. Says that the order will now be delivered to the Registrar of Companies "shortly" and will then become effective. Due to ongoing delays at the Registrar of Companies it is expects that this will take a few days to occur.
"The purpose of the reduction of capital is to restructure the company's balance sheet and to eliminate substantially the accumulated losses on the company's profit and loss account which, amongst other things, is expected to provide the company with the flexibility to pay dividends and/or to make other forms of distributions to shareholders in the future," the company adds.
Current stock price: closed at 0.94 pence, 7.1% higher on Thursday
12-month change: down 49%
By Sophie Rose; sophierose@alliancenews.com
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Metals Exploration (MTL)