Permanent TSB Group Holdings PLC Court approval for cancellation of deferred shares (1601K)
April 06 2018 - 9:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 1601K
Permanent TSB Group Holdings PLC
06 April 2018
6 April 2018
PERMANENT TSB GROUP HOLDINGS PLC (the "Company")
High Court approval of cancellation of deferred shares
The Company announces that on 5 April 2018, pursuant to Sections
84 and 85 of the Companies Act 2014, as amended (the Companies
Act), the Irish High Court approved the Company's application to
confirm a special resolution passed by the shareholders of the
Company at the Company's annual general meeting on 10 May 2017 to
(i) cancel and extinguish the entire of the Company's deferred
shares in issue (being the 3,562,883,512 issued deferred shares of
EUR0.289 each having an aggregate nominal value of
EUR1,029,673,335); (ii) make payment of the sum of EUR1.5 million
(EUR0.00042 per deferred share) to the holders of the deferred
shares (as provided for by the Company's Articles of Association);
and (iii) designate as realised profits the balance of the reserve
arising on the cancellation of the deferred shares (being
EUR1,028,173,335) in accordance with Section 117 of the Companies
Act, and which balance of the reserve remains part of the
regulatory capital of the Permanent TSB Group. No action to utilise
any resulting reserves is currently proposed. The cancellation of
the deferred shares is effective as of today, 6 April 2018, when
the High Court order was registered with the Companies Registration
Office.
The cancellation of the deferred shares has no impact on
ordinary shareholders, the operating performance of the bank or the
Permanent TSB Group's capital ratios.
-ENDS-
For further information, please contact:
Conor Ryan
Company Secretary
Permanent TSB Group Holdings plc
Tel: +353 (0)1 6695394
This information is provided by RNS
The company news service from the London Stock Exchange
END
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