Yu Group PLC Result of Court Hearing on Capital Reduction
July 03 2024 - 7:42AM
RNS Regulatory News
RNS Number : 0240V
Yu Group PLC
03 July 2024
3 July 2024
Yü Group PLC
("Yü
Group", the "Company" or the "Group")
Result of Court Hearing on
Capital Reduction
Yü Group (AIM: YU.), the independent
supplier of gas and electricity, meter asset owner, and installer
of smart meters to the UK corporate sector, announces that the
cancellation of the Company's share premium account (the
"Capital Reduction") was
sanctioned yesterday by the High Court of Justice of England and
Wales (the "Court").
The Court order confirming the
Capital Reduction and a statement of capital approved by the Court
in connection therewith has been sent to the Registrar of
Companies. The Capital Reduction will become effective upon the
registration of the Court order and associated statement of capital
by the Registrar of Companies. The Capital Reduction, when
effective, will increase the distributable reserves of the Company
by £12.28 million.
Further information relating to the
Capital Reduction is set out in the Company's notice of annual
general meeting published on 5 April 2024, with the primary aim to
provide flexibility for future distributions by the Company, should
they be appropriate. The Capital Reduction itself does not involve
any distribution or repayment of capital by the Company and does
not change the total number of shares of the Company in
issue.
For
further information, please contact:
Yü
Group PLC
Bobby Kalar
Paul Rawson
|
+44 (0) 115 975 8258
|
Panmure Liberum
Edward Mansfield
Satbir Kler
Anake Singh
|
+44 (0) 20 3100 2000
|
Teneo
Giles Kernick
Tom Davies
|
+44 (0) 20 7353 4200
|
Notes to Editors
Information on the Group
Yü Group PLC is a leading supplier of
gas and electricity focused on servicing the corporate sector
throughout the UK. We drive innovation through a combination of
user-friendly digital solutions and personalised, high quality
customer service. The Group plays a key role supporting businesses
in their transition to lower carbon technologies with a commitment
to providing sustainable energy solutions.
Yü Group has a clear strategy to
deliver sustainable profitable growth (in a £50bn+ addressable
market) and value for all of our stakeholders, built on strong
foundations and with a robust hedging policy. The Group has
achieved a compound annual growth rate of over 60% over the last
four years, and has consistently improved margin and profitability
performance. In 2023 the Group launched Yü Smart and Yü Charge to
support growth through new opportunities in smart metering
installation.
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