21 Jul 2011 12:54
AdEPT Telecom plc
(the "Company")
Result of High Court hearing
The Board of AdEPT (AIM: ADT) are pleased to announce that following the General Meeting held on 30 June 2011 at which the resolution put to shareholders regarding the cancellation of the Company's share premium account was duly passed, a High Court Order was obtained on 20 July 2011 confirming the cancellation of the share premium account of the Company.
As set out in the Company's accounts for the year ended 31 March 2010, the Company had an accumulated deficit on its profit and loss reserve of £1.801m. The High Court Order has resulted in the creation of a new reserve of £7.965m against which the Company expects to credit its profit and loss reserve.
Once the Company has an accumulated surplus on its profit and loss account, it will be in a position to pay dividends thereafter, should the Board recommend such payment.
AdEPT Telecom plc | |
Roger Wilson - Chairman | 07786 111 535 |
Ian Fishwick - Chief Executive | 01892 550 225 |
John Swaite - Finance Director | 01892 550 243 |
Northland Capital Partners Limited | |
Shane Gallwey | 020 7796 8823 |