RNS out3 Nov 2021 07:18
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Update on Reduction of Capital Process
Westminster, the specialist security and services group, is pleased to provide a further update on its proposed reduction of capital which was approved by the Company's shareholders at its Annual General Meeting held on 24 June 2021 ("Reduction of Capital").
Following the announcement made on 18 October 2021, the final hearing to approve the Reduction of Capital took place yesterday and was sanctioned by the High Court of England and Wales. The effect of the Reduction of Capital is to create distributable reserves and to eliminate the accumulated losses on the Company's profit and loss account which, amongst other things, would enhance the Company's ability to pay dividends and/or to make other forms of distributions to shareholders in the future. The order of the High Court (the "Order") confirming the Reduction of Capital, and the associated statement of capital that was approved by the High Court, were delivered to the Registrar of Companies yesterday. The Reduction of Capital will become effective upon the registration of the Order by the Registrar of Companies. Due to ongoing Covid-19 related delays, this is now expected to take a few days to occur. Accordingly, a further announcement will be made in due course in order to confirm once the Order has been registered.
The Company confirms that, following the Reduction of Capital, the issued share capital of the Company remains at 330,514,660 ordinary shares of £0.001 pence each; there are no shares held in treasury. The total number of voting rights in the Company also remains at 330,514,660.
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