Primorus Inv. Regulatory News (PRIM)

14 Dec 2007 07:00

CSS Stellar PLC14 December 2007 CSS Stellar plc (the "Company") Share Capital Reduction and EGM In his letter to shareholders of 24th July 2007, the Chairman of the Company atthat time, Peter Owen, referred to a proposed Share Capital reduction andundertook to write to shareholders with further information following thechanges in the major shareholdings. Following a number of changes to the board of directors, including theappointment of David Buchler as Chairman, the board has reviewed thecircumstances surrounding the transactions referred to in the Company'sannouncement of 23rd May 2007. As a result the board concluded that anindependent legal review should be obtained before the Company committed to thecourse of action required to give effect to the Share Capital reduction and itsconsequent expense. That review is now complete and has concluded that the Board is not required toeffect the Share Capital reduction at this time. The rationale for proceedinghad been to create distributable reserves and regularise transactions which tookplace in 2005. Accordingly the Board will not be putting proposals toshareholders to give effect to the Share Capital Reduction and consequentlythere is no requirement for the convening of an Extraordinary General Meeting. Enquiries: David Buchler 020 7647 9903 Chairman This information is provided by RNS The company news service from the London Stock Exchange