Bilby PLC Payment of Historic Dividends and General Meeting (1291A)
December 21 2017 - 9:39AM
UK Regulatory
TIDMBILB
RNS Number : 1291A
Bilby PLC
21 December 2017
21 December 2017
Bilby Plc
("Bilby" or the "Group")
Payment of Historic Dividends and forthcoming General
Meeting
Bilby Plc (AIM: BILB.L), announces that it has identified a
technical issue with the payment of both interim and final
dividends in relation to the year ended 31 March 2017 and both
interim and final dividends in relation to the year ended 31 March
2016. This matter has no impact on Bilby's current trading, nor on
the Group's dividend policy going forward.
Dividends are paid out of available profits in the holding
company and by reference to the last filed annual accounts unless
interim accounts are required and have been filed. At all times the
Group has had sufficient profits and other distributable reserves.
However at the specific time of annual accounts being filed funds
set aside for dividend distribution remained at subsidiary company
level and had not been transferred to the holding company in order
to make such dividend payments at the appropriate time and the
required holding company interim accounts had not been filed at
Companies House. At the time the dividends were subsequently paid,
sufficient reserves had been transferred from the subsidiary to
Bilby.
Having taken legal advice, Bilby plans to resolve this technical
issue by holding a General Meeting to consider the necessary
resolutions and, assuming these are passed, to regularise the
position, putting all potentially affected parties in the position
in which they were always intended to be in respect of these
dividends. In addition, all required interim accounts have now been
filed at Companies House.
Full details will be contained in a Circular and Notice of
General Meeting which will be sent to shareholders as soon as
practicable in January 2018.
In November 2017 the Company's board approved the payment of an
interim dividend in respect of the financial year ending 31 March
2018, to be paid in January 2018. The Company intends the payment
of this dividend will be made as planned.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries
Bilby Plc 0203 874 7088
Phil Copolo, Deputy Executive Chairman
Sangita Shah, Non-Executive Chairman
David Ellingham, Finance Director
Northland Capital Partners 020 3861 6625
(Nominated Adviser and Broker)
Corporate Finance:
David Hignell
Matthew Johnson
Patrick Claridge
Sales and Broking:
Bob Pountney
John Howes
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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