Management Consulting Group PLC Reduction of Capital and Return of Capital update (2428R)
December 07 2016 - 10:16AM
UK Regulatory
TIDMMMC
RNS Number : 2428R
Management Consulting Group PLC
07 December 2016
7 December 2016
Reduction of Capital and Return of Capital update
Management Consulting Group PLC ("MCG") today announces that,
further to a resolution passed by Shareholders at the general
meeting convened and held on 21 October 2016, the proposed
reduction of MCG's share capital (the "Reduction of Capital"), has
today been approved by the High Court of Justice of England and
Wales (the "Court").
The Court Order approving the Reduction of Capital has been
registered with the Registrar of Companies and accordingly the
Reduction of Capital has now become effective.
The share premium account of MCG has been reduced by GBP75
million and the amount so arising will be repaid to shareholders.
Payment of approximately 14.673 pence per share will be made on or
around 14 December 2016 as a Return of Capital.
In addition, the deferred shares of MCG have been cancelled and
the sum arising, being GBP79,533,830.64, credited to MCG's profit
and loss account.
Full details of the Reduction of Capital and the Return of
Capital were set out in the Circular and Notice of General Meeting
dated 4 October 2016, in connection with the sale of Kurt Salmon
(the "Disposal"). The completion of the Disposal was announced on 2
November 2016.
The Circular also contained a description of the financial
effects of the Disposal and the use of proceeds, and the current
trading and future prospects of the MCG Group following the
Disposal (the "Retained Group"). The Circular noted that Alexander
Proudfoot comprises the sole trading operations of the Retained
Group, and is currently loss making. A copy of the Circular is
available on the Company's website at www.mcgplc.com/investors.
The Board expects to announce its preliminary results for the
year ending 31 December 2016 in March 2017 and will provide further
information on the current trading and future prospects of the
Group at that stage.
EXPECTED TIMETABLE OF EVENTS
Record Date for Return 6.00 p.m. on Wednesday
of Capital 7 December 2016
Ordinary Shares commence 8.00 a.m. on Thursday 8
trading ex-entitlement December 2016
to Return of Capital
Dispatch of cheques to On or around Wednesday
Shareholders or Shareholders' 14 December 2016
CREST accounts credited
(as appropriate) in respect
of Return of Capital entitlements
Enquiries:
For further information please contact:
MCG Tel: +44 20 7710 5000
Nick Stagg, Chief Executive
FTI Consulting Tel: +44 20 3727 1000
Ben Atwell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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