16 Jan 2018 12:16
Tavistock Investments plc
Shareholder Support for
Proposed Reduction of Share Premium Account
16 January 2018
Tavistock Investments plc ("Company") announces that shareholders gave overwhelming support to the resolution passed at today's general meeting that the Share Premium Account of the Company be reduced by £23 million.
The purpose of the reduction ("Capital Reduction") is to eliminate the historic deficit on the Company's profit and loss account and to create distributable reserves. This will enable the Company to pay a dividend to shareholders, should the Board decide to do so.
The Capital Reduction requires the approval of the Court, as well as shareholders. Accordingly, an application to the Court will now be made to confirm and approve the Capital Reduction, which it is anticipated will become effective in February 2018.
One of the Company's stated objectives is to introduce and manage, a dividend stream for the benefit of shareholders. It should be noted however, that the Capital Reduction itself does not guarantee the payment of a dividend.
Enquiries:
Tavistock Investments Plc Oliver Cooke, Brian Raven | Tel: 01753 867000
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Arden Partners Plc Paul Shackleton | Tel: 020 7614 5900 |
Allenby Capital Limited Nick Naylor, Nick Athanas | Tel: 020 3328 5656 |
Vested Kitty Parry, Elspeth Rothwell | Tel: 020 3890 8118
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Tavistock (TAVI)