3 Jun 2019 07:00
3 June 2019
reach4entertainment enterprises plc
('r4e' the 'Group' or the 'Company')
Posting of Annual Report, Notice of AGM and Proposed Capital Reduction
reach4entertainment enterprises plc (AIM: R4E), the entertainment marketing communications group announces that its Annual Report and Accounts for the year ended 31 December 2018 and Notice of the Annual General Meeting, containing full details of the capital reduction described below, have been sent to shareholders and are available on the Company's website at www.r4e.com.
The Company's Annual General Meeting will be held at 10.00 a.m. on Friday 28 June 2019 at Wellington House, 125 Strand, London WC2R 0AP.
Proposed Capital Reduction
The Notice of the Annual General Meeting includes a proposal for a capital reduction which requires shareholder approval. The votes of the Shareholders will be added together at the Annual General Meeting and the capital reduction resolution, which will be proposed a special resolution, requires a majority in favour of at least 75% of those Shareholders attending and voting in person or by proxy in order to be passed.
Background to, and reasons for, the Capital Reduction
Since the leadership changes in the Company at the end of 2017, the Group's operational and financial performance has seen significant improvement. The Group has become more profitable and management's initiatives have led to growth both organically and through acquisition. Current market expectation for the year ended December 2019 forecasts an improved performance on 2018 and the Directors believe that the Group is well positioned for future sustained growth and development.
The Company currently has negative distributable reserves and is, therefore, prohibited under the Companies Act from making distributions to its Shareholders, including the payment of dividends. In light of the Group's prospects and current strong financial position, the Directors believe it is now an appropriate time to undertake the capital reduction and create distributable reserves which would enable the payment of dividends in the future, subject to the continuing satisfactory financial performance of the Group.
The completion of the capital reduction and reduction of nominal share value will not affect the rights attaching to the ordinary shares and will not result in any change to the number of ordinary shares in issue.
The capital reduction, if approved and made effective, will eliminate the retained losses resulting in the creation of distributable reserves of £3,950,327.
Enquiries:
reach4entertainment enterprises plc | |
Marc Boyan, Chief Executive Officer Paul Summers, Chief Operating Officer
| +44 (0) 20 7968 1655 |
Yellow Jersey PR | |
Charles Goodwin Harriet Jackson
| +44 (0)7747 788 221 +44 (0)7544 275 882 |
Grant Thornton, NOMAD | |
Philip Secrett Jamie Barklem Seamus Fricker
| +44 (0) 20 7383 1500 |
Dowgate Capital, Broker | |
James Serjeant David Poutney
| +44 (0) 20 3903 7715 |
Notes to Editors
reach4entertainment enterprises plc ("r4e") operates a collection of theatrical, film and live entertainment marketing, PR, advertising and display agencies, across the world. The Company uses its extensive experience in the live entertainments space to create value through investing in innovative and established agencies that provide communications services to a range of clients involved with theatre, film, concerts and more.
For further information on r4e you are invited to visit the Company's website at www.r4e.com.
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