Capital Reduction

RNS Number : 4703U

Auto Trader Group plc

30 July 2015

 



30 July 2015

Auto Trader Group plc

Reduction of Capital

As contemplated in the prospectus dated 19 March 2015 for the Initial Public Offering of Auto Trader Group plc (the "Company") and pursuant to a resolution of the shareholders of the Company passed on 18 March 2015, the Company is pleased to announce that it has completed a reduction of capital, whereby the entire amount standing to the credit of the Company's share premium account, being £144,431,628, was cancelled and the nominal value of each issued ordinary share in the capital of the Company was reduced from £1.50 to £0.01 each (the "Capital Reduction").

The Capital Reduction was formally approved by the High Court of Justice, Chancery Division, on 29 July 2015. Following registration of the order of the High Court with Companies House, the Capital Reduction became effective on 29 July 2015.

Commenting, Sean Glithero, Finance Director, said "The Capital Reduction has created a significant amount of distributable reserves for the Company and represents an important step towards facilitating the Board's strategy of paying future dividends and returning cash to shareholders."

Following the Capital Reduction, the issued share capital of the Company consists of 1,001,051,699 ordinary shares of £0.01 each, as at 30 July 2015.

For further information please contact:

Claire Baty

Deputy Company Secretary

Auto Trader Group plc

Tel: [phone]

 

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