Proposed Capital Reduction

Future PLC
10 November 2023

10 November 2023




Future plc

("Future" or the "Company")

Proposed Capital Reduction



Following approval by shareholders at the Annual General Meeting held on 8 February 2023 of the proposed capital reduction to create additional distributable reserves to provide flexibility for future dividend payments and/or share buybacks, and a pause in order to seek the necessary consents under the Company's loan arrangements, which have now been obtained, the Directors wish to communicate an update to the expected timetable:


The process comprises: (i) the cancellation of the entire amount standing to the credit of the Company's share premium account (the "Share Premium Reduction") and (ii) the capitalisation of the entire amount standing to the credit of the Company's merger reserve by issuing B ordinary shares in the capital of the Company and the subsequent cancellation of such B ordinary shares (the "Merger Reserve Reduction"). The Share Premium Reduction and the Merger Reserve Reduction together comprise the "Capital Reduction".


The Capital Reduction is conditional upon approval being obtained in the Companies Court, London (the "Court").




Expected date of the first Court hearing for initial directions

on or around 28 November 2023

Capital Reduction Record Time

6.30 p.m. on the Business Day preceding the Court hearing to confirm the Reduction of Capital

Expected date of the second Court hearing

on or around 19 December 2023 to confirm the Reduction of Capital

Effective Date of the Reduction of Capital

Business Day after the Court order confirming the Reduction of Capital



(1)   Each of the times and dates set out above is based on current expectations and is subject to change. If any of the above times and/or dates is changed, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service.

(2)   All above references to times are to London (GMT) times.




Future plc

Jon Steinberg, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer

Marion Le Bot, Head of Investor Relations


Tel: +44 (0)1225 442244

Headland Consultancy (Financial PR)

Stephen Malthouse
Rob Walker
Charlie Twigg

Tel: +44 (0)20 3805 4822

+44 (0)7734 956 201
+44 (0)77 9195 8922




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Future (FUTR)
UK 100

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