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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Communisis | LSE:CMS | London | Ordinary Share | GB0006683238 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 70.80 | 70.80 | 71.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCMS
RNS Number : 0811N
Communisis PLC
20 October 2016
20 October 2016
Communisis plc
("Communisis" or the "Company")
Notice of General Meeting
The Company has issued a circular to shareholders to convene a general meeting to seek shareholder approval for a proposed reduction of the Company's capital ("Capital Reduction"). The meeting is to be held at 9.00am on 9 November 2016 at the offices of Communisis plc, 10 Little Portland Street, London W1W 7JG.
Since the Interim results, corporate bond yields have further decreased with a resultant increase in the accounting deficit of the Company's pension scheme. As of 17 October 2016, the pension scheme accounting deficit was approximately GBP57m, compared to an accounting deficit of approximately GBP44m at 30 June 2016. This increase in accounting deficit has the effect of reducing the level of the Company's distributable reserves. In order to improve the Company's distributable reserves and to support future dividend payments, the Board is recommending a Capital Reduction.
The completion of the Capital Reduction will not affect the rights attaching to the Ordinary Shares, and will not result in any change to the number of Ordinary Shares in issue.
The Capital Reduction, if approved by the Shareholders and confirmed by the High Court, will (subject to any undertakings the Company may be required to give to the High Court regarding the protection of its creditors) create additional distributable reserves of approximately GBP22.5m.
The circular gives more detail on the Capital Reduction, including the justification, process and timescales. The circular is available on the Company's website at www.communisis.com.
For further information please contact:
Communisis plc 0207 224 3456 Andy Blundell / Mark Stoner FTI Consulting 0203 727 1000 Matt Dixon / Emma Appleton
About Communisis
Communisis is an integrated marketing services company, which improves the communication between brands and their customers. We create engaging content and deliver it across multiple customer touch-points; in digital, broadcast and print channels.
This information is provided by RNS
The company news service from the London Stock Exchange
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October 20, 2016 08:00 ET (12:00 GMT)
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