18 April 2001
At the extraordinary general meeting held today the resolution regarding the
reduction of the Company's ordinary share capital and share premium account
was passed. As a result, application will be made to the Court for the capital
reduction to be effected by 17 May 2001.
Following court approval the historic loss in revenue reserves will be removed
and Widney will thereafter be in a position to pay shareholders dividends out
of future profits. This will complete the first phase of the Company's
Michael Frye, Chairman, commented:
'The platform has now been established to achieve increases in shareholder
value through profitable growth of existing operations and by acquisition.'
18th April 2001
Widney plc Tel: 020 8814 3460
Michael Frye, Chairman
College Hill Associates Tel: 020 7457 2020