Zytronic proposes capital reduction

Zytronic said that at its forthcoming AGM, in addition to normal business, a resolution will be proposed relating to a reduction in the company’s capital.

This was being proposed in order to increase the company’s distributable reserves, however there was no immediate plan to return capital to shareholders.

If approved by shareholders and by the court, the Company intends to implement the Capital Reduction through a bonus issue of newly created Capital Reduction Shares, and to subsequently cancel the newly created Capital Reduction Shares.

This proposed Capital Reduction will not change the number of ordinary shares in issue.

Story provided by StockMarketWire.com