Elecosoft plc
("Elecosoft" or the "Company")
Share Capital Reduction
The Board of Elecosoft is pleased to announce that on 1 July 2015 the High Court issued an order confirming the Capital Reduction and proposals which were set out in the circular to Shareholders on 11 May 2015 and which were resolved on by a Special Resolution duly passed. Following the registration of the Court order with Companies House earlier today, the Capital Reduction has now become effective.
As a consequence of the Capital Reduction, the Company's share premium account and share capital reduction shares issued pursuant to the capitalisation of the Company's merger reserve and share based payment reserve have been cancelled, and the nominal share capital of each Ordinary Share has reduced from 10 pence to 1 pence each. Application has been made for the new Ordinary Shares of 1 pence each to be admitted to AIM and admission of the 74,867,127 new Ordinary Shares is expected to become effective on 2 July 2015.
Following the Capital Reduction becoming effective, the profit and loss reserves at the date of the capital reduction and future profits of the Company will now be available for the payment of dividends and the Company would now also be permitted to buy back Ordinary Shares, in each case, should circumstances make it desirable to do so.
The Company's total issued and voting share capital now comprise 74,867,127 Ordinary Shares of 1 pence each and this figure may currently be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.
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For further information please contact: |
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Elecosoft plc JHB Ketteley , Executive Chairman |
Tel: 0207 422 0044 |
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Nick Caw, Chief Executive Officer |
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finnCap Ltd |
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Geoff Nash / Kate Bannatyne (Corporate Finance) Malar Velaigam (Corporate Broking) |
Tel: 0207 220 0500 |
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Redleaf Communications |
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Rebecca Sanders-Hewett / David Ison / Susie Hudson |
Tel: 0207 382 4730
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About Elecosoft plc
Elecosoft plc is listed on the Alternative Investment Market in London (AIM: ELCO) and specialises in the development and delivery of market leading software and services to Architectural, Engineering and Construction industries from centres of excellence in the UK, Sweden and Germany. Its software solutions cover project management, construction, timber engineering, design, 3D visualisation and web marketing solutions for the construction sector.
For more information, please visit www.elecosoft.com