CHR Chelford

RNS Number:2424G
Chelford Group PLC
09 December 2004


CHELFORD GROUP PLC ("Chelford" or "the Company")

9 December 2004

Approval of Share Capital Reduction

On 14 September 2004, Chelford announced proposals to undertake a capital 
reduction exercise to reduce the Company's share premium account. The Company 
was prohibited under the Companies Act 1985 ("the Act") from paying dividends 
due to insufficient distributable reserves. The Board has taken the necessary 
measures to allow the Company to pay dividends to shareholders when it is 
prudent to do so.

As at 30 June 2004, the Company had a balance on its share premium account of 
#10,879,000, which had arisen as a result of the issue by the Company of its 
shares at prices in excess of their nominal value. The Act permits the Company 
to reduce its share premium account in appropriate circumstances provided that 
the Company resolves by special resolution to do so and the approval of the High
Court is given. The relevant proposal was approved by shareholders at the 
Company's EGM on 28 October 2004. In order to eliminate the deficit on the 
profit and loss account, the Company applied for High Court Approval to reduce
the share premium account from #10,879,000 to #2,612,000. The sum of #8,267,000 
arising in the books of the Company as a result of the reduction being 
transferred to the profit and loss account of the Company.

The order of the High Court to approve the reduction of the share premium 
account was granted on 8 December 2004 and the order will take effect when it is
registered by the Registrar of Companies.

End





                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
CARILFFRFELAIIS

Grafico Azioni Chelford (LSE:CHR)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Chelford (LSE:CHR)
Storico
Da Giu 2023 a Giu 2024