Last checked at 24 Jun 2011 07:53
21st Century Technology plc ("21st Century", "the Company" or "the Group")
Cancellation of share premium account
As at 31 December 2010 the Company had an accumulated deficit on its distributable reserves of £2,116,000. The Company was therefore prohibited under company law from paying dividends until that deficit was eliminated and there were profits available for distribution.
At the Annual General Meeting held on 1 June 2011 a special resolution was passed to transfer £3,387,000 standing on the credit of the Company's share premium account to distributable reserves. Following the AGM an application to the High Court was made and this completed on 23 June 2011. Consequently the previous deficit on the Company's distributable reserves has now been eliminated.
The Board will consider the payment of a dividend only when the Company has sufficient surplus distributable reserves and cash and the Board considers that the distribution is in the best interests of the Company.
For Further Information:
21st Century Technology plc | Wilson Jennings | 020 8710 4016 |
Finance Director | ||
MHP Communications | Barnaby Fry | 020 3128 8100 |
Vicky Watkins | ||
Daniel Stewart & Co plc | Paul Shackleton | 020 7776 6550 |
(Nomad and Broker) | Noelle Greenaway | |