FUTR Future Plc

TIDMFUTR

RNS Number : 1338T

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 exibility 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 TIMETABLE OF PRINCIPAL EVENTS

 
 Expected date of the first Court      on or around 28 November 2023 
  hearing for initial directions 
 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     on or around 19 December 2023 
  hearing                                to confirm the Reduction of 
                                                             Capital 
 Effective Date of the Reduction        Business Day after the Court 
  of Capital                          order confirming the Reduction 
                                                          of Capital 
 

Notes:

(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. 

Enquiries:

 
 Future plc                                    Tel: +44 (0)1225 442244 
  Jon Steinberg, Chief Executive Officer 
  Penny Ladkin-Brand, Chief Financial 
  Officer 
  Marion Le Bot, Head of Investor Relations 
 Headland Consultancy (Financial PR)          Tel: +44 (0)20 3805 4822 
  Stephen Malthouse                                +44 (0)7734 956 201 
  Rob Walker                                       +44 (0)77 9195 8922 
  Charlie Twigg 
  future@headlandconsultancy.com 
 

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END

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(END) Dow Jones Newswires

November 10, 2023 09:24 ET (14:24 GMT)

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