Ithaca Energy Regulatory News (ITH)

29 Oct 2007 16:31

ITIS Holdings PLC29 October 2007 ITIS Holdings plc ("ITIS" or the "Company") General meeting in relation to a proposed reduction of capital ITIS announces that it has today posted a circular to shareholders to convene ageneral meeting at 9 a.m. on Thursday 22 November 2007 at the Company'sregistered office (5th Floor, Station House, Stamford New Road, Altrincham,Cheshire WA14 1EP). The purpose of the meeting is to seek shareholder approval for the proposedelimination of an accumulated deficit on its profit and loss account of£33,520,972 by the cancellation of the whole of the amount standing to thecredit of its share premium account. If the resolution to cancel the Company's share premium account is passed byshareholders, the Company will then seek the confirmation of the High Court ofJustice Chancery Division to the cancellation of the share premium account. On the current timetable, the cancellation would become effective on 24 January2008. The effect of the capital reduction will also be to create a substantialdistributable reserve which will be available for the payment of futuredividends. A resolution will also be proposed at the general meeting to increase theauthorised share capital of the Company to £10,000,000 by the creation of anadditional 2,450 Ordinary Shares of 2p each. A copy of the circular sent to shareholders will from tomorrow morning beavailable on the Company's website, www.itisholding.com and from the Company'sregistered office as detailed above. This information is provided by RNS The company news service from the London Stock Exchange