Terrace Hill Group PLC Circ re. Reduction of Share Premium Account (6211H)
July 13 2012 - 5:26AM
UK Regulatory
TIDMTHG
RNS Number : 6211H
Terrace Hill Group PLC
13 July 2012
Terrace Hill Group plc
("Terrace Hill" or the "Company")
PROPOSED REDUCTION OF SHARE PREMIUM ACCOUNT
and NOTICE OF GENERAL MEETING
Terrace Hill (AIM: THG), a leading UK property development and
investment group is pleased to announce that, in line with its
statement at the time of its half year report in June 2012, it has
today posted a circular to shareholders convening a general meeting
(the "General Meeting") at which it will propose a reduction in the
Company's share premium account.
As mentioned in June, the Board wishes to resume a progressive
dividend policy in due course that reflects the then current
trading and prospects, cashflow and commitments without the
restrictions otherwise caused by the results of historical trading.
Therefore, it is proposed that GBP25.0 million of the Company's
share premium account be cancelled in order to eliminate the
current deficit on its profit and loss account and to create
distributable reserves from which future dividends could be paid or
against which any future losses can be offset (in each case, up to
the extent of that reserve) ("the Capital Reduction"). The Capital
Reduction will require shareholder approval and approval by the
Court of Session in Edinburgh and an application will be made to
the Court of Session in Edinburgh immediately following the General
Meeting, provided that the resolution is passed.
The General Meeting is to be held at 1 Portland Place, London
W1B 1PN at 9 a.m. on 2 August 2012. Shareholders are requested to
complete and return the Form of Proxy enclosed with the circular to
the Registrars in accordance with the instructions printed on it as
soon as possible and, in any event, so as to be received no later
than 9 a.m. on 31 July 2012. Completion and return of the Form of
Proxy will not preclude you from attending the General Meeting and
voting in person. If the resolution is passed, it is envisaged that
the approval by the Court of Session in Edinburgh will occur during
September 2012.
The Board is of the opinion that the Capital Reduction is in the
best interests of the Company and Shareholders as a whole and,
accordingly, unanimously recommends Shareholders to vote in favour
of the resolution, as the Directors intend to do in respect of
their own holdings of shares, representing in aggregate 64.77% of
the share capital of the Company. Further details are set out in
the circular which has been posted to shareholders today and is
also available to download from the Company's website,
www.terracehill.co.uk.
For further information please visit www.terracehill.co.uk or
contact:
Philip Leech/Jon Austen
Tel. 020 7631 1666
Terrace Hill Group PLC
Gareth Price/Mark Young
Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Notes for editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property
development and investment group quoted on AIM. Formed in 1986, the
Company has five offices located in London, Glasgow, Teesside,
Bristol and Manchester.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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