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7 Jan 2014 16:02
Avanti Capital plc ("the Company")
Update - Proposed Dividend Payment
Avanti announced on 13 December 2013 of its intention to pay a dividend of 105p per share on 16 January 2014 to shareholders on the register as at the record date of 27 December 2013.
The Company has been made aware that due to the size of dividend payment relative to the Company's reserves, it does not presently have sufficient distributable reserves to pay the 105p dividend in full on 16 January 2014. It is therefore intended that the initial dividend will be reduced to 62p per share, with the balance being paid in full once a capital reduction scheme has been affected.
The Company has already initiated the commencement of a capital reduction scheme, which will be subject to approval by shareholders. It is intended to ensure that the capital reduction scheme will deal with the current shortfall and, as far as possible, will also cater for future realisations. The record date for the entitlement to both parts of the proposed dividend will remain 27 December 2013.
Contact:
Avanti Capital plc 020 7299 1459
Richard Kleiner
Canaccord Genuity Limited 020 7523 8350
Bruce Garrow/Joe Weaving
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