Reduction of Capital

RNS Number : 4033G

On the Beach Group PLC

20 November 2015

 

20 November 2015

On the Beach Group plc

Reduction of capital, cancellation of share premium account

and cancellation of capital redemption reserve

As contemplated in the prospectus dated 23 September 2015 for the Initial Public Offering of On the Beach Group plc (the "Company") and pursuant to a resolution of the shareholders of the Company passed on 21 September 2015, the Company is pleased to announce that it has completed a reduction of capital, cancellation of share premium account and cancellation of capital redemption reserve (the "Reduction & Cancellation").

The Reduction & Cancellation was formally approved by the High Court of Justice, Chancery Division, on 18 November 2015.  Following registration of the order of the High Court with Companies House, the Reduction & Cancellation became effective on 18 November 2015.

Following the Reduction & Cancellation, the issued share capital of the Company consists of 130,434,763 ordinary shares of £0.01 each, as at 18 November 2015.

The effect of the Reduction & Cancellation is to create distributable reserves to support the Board's future dividend policy.

For further information:

On the Beach Group plc Simon Cooper, Chief Executive Officer Wendy Parry, Chief Financial Officer Kirsteen Vickerstaff, General Counsel and Company Secretary	Tel: [phone]
FTI Consulting (Financial PR) Jonathon Brill Alex Beagley Tom Hufton	Tel: [phone]

 

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