Equals shareholders approve proposed £25M reduction of company’s share premium account
Equals Group plc (LON:EQLS), the fintech payments group focused on the Enterprise and SME marketplaces, is pleased to announce that at the General Meeting held earlier today in London, the special resolution put to shareholders regarding the proposed reduction of the Company’s Share Premium Account in the amount of £25,000,000, was duly passed.
The Capital Reduction will create additional distributable reserves to the value of around £25 million which (subject to any arrangements required for the protection of the Company’s creditors and any directions given by the High Court of Justice in England and Wales, in confirming the Capital Reduction) may be used by the Company to deliver returns to shareholders in the future, whether in the form of dividends, distributions or purchases of the Company’s own shares.
The expected date for the Court hearing to confirm the Capital Reduction is 24 October 2023 and the expected date for completion of the Capital Reduction is 31 October 2023.
The Board intends conditional, inter alia, upon the completion of the Capital Reduction, to pay a maiden dividend of 1.5 pence per share in respect of the financial year 2023.