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One51 get capital reduction approval

Thursday, March 06 17:10:20

One 51 Plc, the holding company for 105 companies in the One 51 group, today said that its Capital Reduction scheme has been approved by the High Court.

It had sought court approval for a reduction of share capital which will see the balance in its share premium account reduced by E200m to E62m.

The company is taking the step both to eliminate losses and to have E15m available to pay dividends.

Almost all of the reserve created by the scheme will be applied to eliminate accumulated permanent losses, the petition stated.

The proposed reduction of capital, according to the petition, is just and equitable and will not involve dimunition of any liability in relation to unpaid capital.