25 Mar 2020 09:30
Watchstone Group plc
("Watchstone" or the "Group")
Update
Further to its announcement on 10 February 2020, Watchstone Group plc (LON:WTG) updates on its plans for a Court approved, capital reduction and repayment to shareholders.
Watchstone has undertaken the necessary preparatory work for the transaction, including the working capital and creditor analysis required to confirm the current availability of funds to return at least £50m (representing at least 110p per share) to shareholders.
Unfortunately, due to the ongoing Covid-19 crisis and related government restrictions, it is currently unclear when or how a General Meeting relating to this matter could be held for shareholders to approve the transaction or when the Courts would be able to hear the matter. The Board continues to work closely with its legal advisers to arrange the next steps as soon as practicable but, at this stage, it is unable to confirm it will be able to complete the process on the original timetable of before the end of June 2020.
Watchstone will make further announcements in due course.
For further information:
Watchstone Group plc
| Tel: 03333 448048 |
WH Ireland Limited, Nominated Adviser and broker
Chris Hardie Lydia Zychowska | Tel: 020 7220 1666 |