Watchstone Group PLC First Share Premium Reduction & Return of Cash (4119P)

TIDMWTG

RNS Number : 4119P

Watchstone Group PLC

09 June 2020

Watchstone Group plc

( " Watchstone " or the "Company")

FIRST SHARE PREMIUM REDUCTION AND RETURN OF CASH

Watchstone Group plc (LON:WTG) announces that the High Court of Justice in England and Wales has made an order approving the reduction of the Company's share capital under the Companies Act 2006. Details of the reduction of the Company's share premium account ("First Share Premium Reduction") were set out in the circular to shareholders dated 9 April 2020 and the proposal was approved by shareholders at the General Meeting held on 27 April 2020.

The order of the Court will be filed with Companies House today, and the Share Premium Reduction and proposed return of cash to Shareholders of 110p per fully paid Ordinary Share held ("First Return of Cash") will become effective upon registration at Companies House.

As announced on 29 May 2020, the Company has also invited shareholders to approve resolutions including those to authorise a proposed further reduction of the Company's share premium account ("Second Share Premium Reduction") and a proposed return of cash to shareholders of 40p per fully paid Ordinary Share held ("Second Return of Cash") at the Annual General Meeting to be held on 24 June 2020.

Expected Timetable of Events

 
 Record Date for the First Return of Cash               6:00 p.m. on 10 June 
                                                                        2020 
 Ordinary Shares commence trading ex-entitlement        8:00 a.m. on 11 June 
  to First Return of Cash                                               2020 
 Registration of Court Order and Effective                  anticipated week 
  Date of First Return of Cash                            commencing 15 June 
                                                                        2020 
 Annual General Meeting                                 1.00 p.m. on 24 June 
                                                                        2020 
 Dispatch of cheques to shareholders or shareholders'   On or around 30 June 
  CREST accounts credited (as appropriate)                              2020 
  in respect of the First Return of Cash entitlements 
 Court Hearing to confirm the Second Share                      21 July 2020 
  Premium Reduction (if so approved by shareholders 
  at the Annual General Meeting) 
 Record Date relating to the Second Return                      22 July 2020 
  of Cash 
 Ordinary Shares commence trading ex-entitlement        8.00 a.m. on 23 July 
  to the Second Return of Cash                                          2020 
 Registration of Court Order and Effective                  anticipated week 
  Date of the Second Return of Cash                       commencing 27 July 
                                                                        2020 
 Dispatch of cheques to shareholders or shareholders'   On or around 31 July 
  CREST accounts credited (as appropriate)                              2020 
  in respect of the Second Return of Cash 
  entitlements 
 

Notes

These dates are estimates only, being subject to agreement of hearing dates with the Court. Any changes will be notified to Shareholders by an announcement on the Regulatory News Service of the London Stock Exchange.

All references to time in this announcement are to London time.

 
 Watchstone Group plc                                     Tel: [phone] 
 
 
   WH Ireland Limited , Nominated Adviser               Tel: [phone] 
   and broker 
 Chris Hardie 
  Lydia Zychowska 
 

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June 09, 2020 06:00 ET (10:00 GMT)