25 Jul 2013 14:16
25 July 2013
Stilo International plc
("Stilo" or the "Company")
Transaction in Own Shares
Stilo International PLC (AIM: STL.L), the provider of XML content processing technology and cloud content conversion services, announced details of a capital reduction process on 8 July 2013. Full information was sent in a Circular sent to Shareholders which also contained notice of a General Meeting to be held on 31 July 2013.
In accordance with the procedure explained in the Circular, 452,056,230 deferred shares of 1 pence each (the "Deferred Shares"), being all of the deferred shares issued by the Company, have today been transferred to Richard Alsept, a Director and Company Secretary. The Deferred Shares carry only very limited rights to participate in the capital of the Company on a winding-up and carry no voting or dividend rights. These limited rights make the Deferred Shares effectively worthless in the hands of their holder.
Article 4.5 of the Company's Articles of Association gives the Company authority to transfer all of Deferred Shares to such person as the Company may determine. Richard Alsept has declared that the Deferred Shares are held on trust for each of the transferors of such Deferred Shares, and, as nominee, Richard Alsept has no beneficial interest in them. The Deferred Shares will be held on trust pending their cancellation as part of the capital reduction process.
Enquiries:
Stilo International plc 01793 441444
Les Burnham, Chief Executive
Richard Alsept, Chief Financial Officer and Company Secretary
Charles Stanley Securities 020 7149 6000
Nominated Adviser and Broker
Russell Cook / Carl Holmes