RhythmOne PLC Confirmation of Reduction of Capital (2144M)
July 27 2017 - 1:00AM
UK Regulatory
TIDMRTHM
RNS Number : 2144M
RhythmOne PLC
27 July 2017
RHYTHMONE PLC
CONFIRMATION OF REDUCTION OF CAPITAL
London, England and San Francisco, CA - 27 July 2017 - RhythmOne
plc (LSE AIM: RTHM, "Company" or "1R") is pleased to announce that
the reduction of capital described in the circular to shareholders
published on 1 June 2017 (the "Reduction of Capital") was, on 26
July 2017, approved by the High Court of Justice of England and
Wales (the "Court"). The Court order approving the Reduction of
Capital has now been registered with the Registrar of Companies and
accordingly the Reduction of Capital has now become effective.
The amount standing to the credit of the Company's share premium
account has been cancelled and the Reduction of Capital has created
distributable reserves of approximately GBP142,825,734 (equivalent
to approximately $186,359,256 at the prevailing spot foreign
exchange rate as at approximately 4.00 p.m. (BST) on 26 July
2017).
The Reduction of Capital is a legal and accounting adjustment
and is not expected to have any direct impact on the market value
of the ordinary shares of the Company, or the number of ordinary
shares in issue.
The creation of this distributable reserve as result of the
Reduction of Capital will afford the Company more flexibility to
make distributions to its shareholders, if thought fit by the
Directors.
About RhythmOne
RhythmOne is a technology-enabled digital media company that
connects online audiences with brands through premium content
across devices. Founded in 2004 in the UK, the Company pioneered
Internet video search and works with digital advertisers,
publishers and content providers to offer fully integrated,
cross-screen solutions that span desktop and mobile video, rich
media, display, social and native advertising, and content formats.
Through its fully integrated programmatic platform, RhythmMax, the
Company offers digital advertising inventory across owned,
controlled and extended supply sources. The RhythmMax platform
includes unique brand safety technology, RhythmGuard, which
combines leading third-party verification and proprietary filtering
technologies to ensure inventory quality in brand safe
environments. RhythmOne's goal is to maximize the return on
advertising spend and provide the most efficient and effective
marketplace for digital advertising. The Company is headquartered
in San Francisco, United States with offices in the US, UK and
Canada. For more information, please visit www.rhythmone.com.
Press Contacts for RhythmOne
Analyst and Investor Financial Media Contacts
Contact Edward Bridges / Charles
Dan Slivjanovski Palmer
RhythmOne plc FTI Consulting LLP
(UK) 020 3727 1000
Nomad and Broker for
RhythmOne
Nick Westlake (Nomad)
/ Lorna Tilbian /
Toby Adcock / Mark Lander
Numis
(UK) 020 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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