9 Jun 2020 11:00
Watchstone Group plc
("Watchstone" or the "Company")
FIRST SHARE PREMIUM REDUCTION AND RETURN OF CASH
Watchstone Group plc (LON:WTG) announces that the High Court of Justice in England and Wales has made an order approving the reduction of the Company's share capital under the Companies Act 2006. Details of the reduction of the Company's share premium account ("First Share Premium Reduction") were set out in the circular to shareholders dated 9 April 2020 and the proposal was approved by shareholders at the General Meeting held on 27 April 2020.
The order of the Court will be filed with Companies House today, and the Share Premium Reduction and proposed return of cash to Shareholders of 110p per fully paid Ordinary Share held ("First Return of Cash") will become effective upon registration at Companies House.
As announced on 29 May 2020, the Company has also invited shareholders to approve resolutions including those to authorise a proposed further reduction of the Company's share premium account ("Second Share Premium Reduction") and a proposed return of cash to shareholders of 40p per fully paid Ordinary Share held ("Second Return of Cash") at the Annual General Meeting to be held on 24 June 2020.
Expected Timetable of Events
Record Date for the First Return of Cash | 6:00 p.m. on 10 June 2020 |
Ordinary Shares commence trading ex-entitlement to First Return of Cash | 8:00 a.m. on 11 June 2020 |
Registration of Court Order and Effective Date of First Return of Cash | anticipated week commencing 15 June 2020 |
Annual General Meeting | 1.00 p.m. on 24 June 2020 |
Dispatch of cheques to shareholders or shareholders' CREST accounts credited (as appropriate) in respect of the First Return of Cash entitlements | On or around 30 June 2020 |
Court Hearing to confirm the Second Share Premium Reduction (if so approved by shareholders at the Annual General Meeting) | 21 July 2020 |
Record Date relating to the Second Return of Cash | 22 July 2020 |
Ordinary Shares commence trading ex-entitlement to the Second Return of Cash | 8.00 a.m. on 23 July 2020 |
Registration of Court Order and Effective Date of the Second Return of Cash | anticipated week commencing 27 July 2020 |
Dispatch of cheques to shareholders or shareholders' CREST accounts credited (as appropriate) in respect of the Second Return of Cash entitlements | On or around 31 July 2020 |
Notes
These dates are estimates only, being subject to agreement of hearing dates with the Court. Any changes will be notified to Shareholders by an announcement on the Regulatory News Service of the London Stock Exchange.
All references to time in this announcement are to London time.
Watchstone Group plc | Tel: 03333 44804 |
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WH Ireland Limited, Nominated Adviser and broker |
Tel: 020 7220 1666 |
Chris Hardie Lydia Zychowska |
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