Yu Group PLC Result of Court Hearing on Capital Reduction

RNS Number : 0240V

Yu Group PLC

03 July 2024

 

3 July 2024

 

Yü Group PLC

("Yü Group", the "Company" or the "Group")

 

Result of Court Hearing on Capital Reduction

 

Yü Group (AIM: YU.), the independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the UK corporate sector, announces that the cancellation of the Company's share premium account (the "Capital Reduction") was sanctioned yesterday by the High Court of Justice of England and Wales (the "Court").

The Court order confirming the Capital Reduction and a statement of capital approved by the Court in connection therewith has been sent to the Registrar of Companies. The Capital Reduction will become effective upon the registration of the Court order and associated statement of capital by the Registrar of Companies. The Capital Reduction, when effective, will increase the distributable reserves of the Company by £12.28 million.

Further information relating to the Capital Reduction is set out in the Company's notice of annual general meeting published on 5 April 2024, with the primary aim to provide flexibility for future distributions by the Company, should they be appropriate. The Capital Reduction itself does not involve any distribution or repayment of capital by the Company and does not change the total number of shares of the Company in issue.

For further information, please contact:

Yü Group PLC Bobby Kalar Paul Rawson	[phone]
Panmure Liberum Edward Mansfield Satbir Kler Anake Singh	[phone]
Teneo Giles Kernick Tom Davies	[phone]

 

 

Notes to Editors

Information on the Group

Yü Group PLC is a leading supplier of gas and electricity focused on servicing the corporate sector throughout the UK. We drive innovation through a combination of user-friendly digital solutions and personalised, high quality customer service. The Group plays a key role supporting businesses in their transition to lower carbon technologies with a commitment to providing sustainable energy solutions.

Yü Group has a clear strategy to deliver sustainable profitable growth (in a £50bn+ addressable market) and value for all of our stakeholders, built on strong foundations and with a robust hedging policy. The Group has achieved a compound annual growth rate of over 60% over the last four years, and has consistently improved margin and profitability performance. In 2023 the Group launched Yü Smart and Yü Charge to support growth through new opportunities in smart metering installation.

 

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