Last checked at 6 Jul 2009 11:13
| Press Release | 7th July 2009 |
Focus Solutions Group plc
("Focus Solutions" or the "Group")
Proposed Cancellation of Share Premium Account
The Board of Focus Solutions plc (the "Company") today announces a proposed cancellation of the Company's share premium account to eliminate the Company's accumulated losses and to allow a more efficient utilisation of the Company's reserve accounts.
The Company, as at 31st March 2009, had an accumulated deficit on its profit and loss account of £1,435,000. The Resolution, which will be proposed as a special resolution at a general meeting to be held on 6th August 2009, would approve the cancellation of the Company's share premium account, which as at 31st March 2009 amounted to £9,900,000.
The cancellation of the Company's share premium account requires the approval of the Shareholders at the General Meeting and is conditional upon the approval of the High Court, accordingly, as soon as possible after receiving the approval of the Shareholders at the general meeting, the Company will apply to the High Court for its approval.
Subject to the Court being satisfied that the Company's creditors are adequately protected, the reserve produced by the cancellation will be available to eliminate the deficit on the Company's profit and loss account. The balance arising, again subject to the protection of creditors, will create a distributable reserve available for the corporate purposes of the Company.
The Board believes that the proposal being put to Shareholders as detailed in the circular is in the best interests of Shareholders. Accordingly, the Directors unanimously recommend that all Shareholders vote in favour of the Resolution to be proposed at the General Meeting.
The Directors intend to vote in favour of the Resolution in respect of their own beneficial holdings amounting to 8,561,564 Ordinary Shares, representing approximately 29% of the Company's issued share capital.
The General Meeting of the Company is to be held at 10.15 a.m. on Thursday 6th August at Cranford House, Kenilworth Road, Leamington Spa, CV32 6RQ.
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For further information:
| Focus Solutions Group plc | |
| Richard Stevenson, Chief Executive | Tel: +44 (0) 1926 468300 |
| Martin Clements, Finance Director | www.focus-solutions.co.uk |
| Daniel Stewart & Company plc | |
| Graham Webster | Tel: +44 (0) 20 7776 6550 |
| www.danielstewart.co.uk |
Media enquiries:
| Abchurch | |
| Heather Salmond / Joanne Shears / Mark Dixon | Tel: +44 (0) 20 7398 7709 |
| Joanne.shears@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
About Focus Solutions Group plc
Focus Solutions is an established and proven supplier of enterprise solutions to the financial services industry in the UK, Ireland and more recently across Europe.
Focus Solutions has delivered over 100 complex front office projects with multiple integration points and partners to a blue chip client base including 8 out of the top 10 UK Life & Pension providers, a number of leading bancassurers including the likes of HSBC and Irish Life, significant wealth management players such as St James's Place and a number of mortgage distributors. The technology truly enables straight through processing whilst providing an engaging client and adviser experience to submit and service business electronically.
focus:360° is at the core of all client implementations providing a single, agile, multi-channel technology platform. Focus Solutions has brought together three key areas of expertise: software, consultancy and service delivery. This totally integrated approach means clients can distribute any product across any channel. At the same time they can maintain an enterprise-wide view of the customer value and risk.
For further information on Focus Solutions, please visit www.focus-solutions.co.uk
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