Watchstone Group PLC Update (5338H)
25 Marzo 2020 - 03:30AM
UK Regulatory
TIDMWTG
RNS Number : 5338H
Watchstone Group PLC
25 March 2020
Watchstone Group plc
("Watchstone" or the "Group")
Update
Further to its announcement on 10 February 2020, Watchstone
Group plc (LON:WTG) updates on its plans for a Court approved,
capital reduction and repayment to shareholders.
Watchstone has undertaken the necessary preparatory work for the
transaction, including the working capital and creditor analysis
required to confirm the current availability of funds to return at
least GBP50m (representing at least 110p per share) to
shareholders.
Unfortunately, due to the ongoing Covid-19 crisis and related
government restrictions, it is currently unclear when or how a
General Meeting relating to this matter could be held for
shareholders to approve the transaction or when the Courts would be
able to hear the matter. The Board continues to work closely with
its legal advisers to arrange the next steps as soon as practicable
but, at this stage, it is unable to confirm it will be able to
complete the process on the original timetable of before the end of
June 2020.
Watchstone will make further announcements in due course.
For further information:
Watchstone Group plc Tel: 03333 448048
WH Ireland Limited, Nominated Adviser Tel: 020 7220 1666
and broker
Chris Hardie
Lydia Zychowska
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END
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