Zinc Media Group PLC Court Approval of Capital Reduction (8377X)
September 02 2020 - 5:56AM
UK Regulatory
TIDMZIN
RNS Number : 8377X
Zinc Media Group PLC
02 September 2020
2nd September 2020
Zinc Media Group plc ("Zinc Media" or the "Company")
Court Approval of Capital Reduction
Further to the Extraordinary General Meeting on 12(th) February
2020 at which a resolution was passed for a share capital reduction
of the Company (the "Capital Reduction"), Zinc Media Group plc,
(AIM: ZIN) is pleased to announce the Capital Reduction has been
approved by the Court of Session in Edinburgh.
Earlier today, the application to the Court of Session was
granted. In order for the Capital Reduction to become effective,
the order of the Court con rming it, under section 648 of the
Companies Act 2006, must be registered with the Registrar of
Companies, which is expected to be completed by 4(th) September
2020.
The Court of Session has approved:
1. The cancellation of the Deferred Shares and the D Deferred Shares for no consideration; and
2. The cancellation of the new B Ordinary Shares, which are to
be created through the capitalisation of an amount equal to the
entire balance standing to the credit of the Company's merger
reserve and application of that amount in paying up in full at par
new B Ordinary Shares, their issue and subsequent cancellation for
no consideration; and
3. The cancellation of the entire balance standing to the credit
of the Company's share premium account.
The Capital Reduction will create realised profits that will
eliminate the current deficit on the Company's retained loss
account. As a result, any positive distributable reserves generated
by the Company from this point should be available for the Board to
use in offsetting future losses or for the purposes of paying
dividends in the future, subject to the continuing satisfactory
financial performance of the Group.
The Capital Reduction was proposed in January 2020 as part of
the wider balance restructure, with the aim of simplifying the
capital structure and bolstering the Company's potential to pay
dividends in the future as the business grows. Along with the share
consolidation which occurred in February 2020 it is also expected
to improve the marketability of the Ordinary Shares.
For further information, please contact:
Zinc Media Group plc +44 (0) 20 7878 2311
Mark Browning, CEO
Will Sawyer, CFO
www.zincmedia.com
N+1 Singer (NOMAD and Broker to Zinc Media) +44 (0) 20 7496 3000
Mark Taylor
Notes to Editors
Zinc Media Group plc is a leading British based TV and content
creation company and operates 6 TV labels and a content division
called Zinc Communicate.
The six award winning and critically acclaimed television
production labels include Blakeway, Brook Lapping, Films of Record,
Blakeway North, Reef Television and Tern Television, whose brands
produce television and radio programmes for both UK and
international broadcasters.
The Zinc Communicate division comprises all the Groups content
making divisions outside its TV labels. This includes the former
Ten Alps Communication division now known as Zinc Communicate -
Publishing which also houses a new video marketing division, and
Zinc Communicate - Branded Content which produces content for
brands, advertisers, agencies and media owners.
For further information on Zinc Media please visit:
http://www.zincmedia.com/
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END
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