Georgia Healthcare Group PLC ( “GHG”) announces that it has today received approval from the High Court of Justice in England and Wales to the reduction of the share capital of GHG and the cancellation of GHG's share premium account (the "Reduction of Capital"), pursuant to which the nominal value of each of the 131,681,820 ordinary shares in the capital of GHG (together, the "Shares") has been reduced from £0.10 to £0.01 and the share premium account of £61,890,912 has been cancelled.
Details of the Reduction of Capital were set out prior to the recent initial public offering of GHG(the "IPO") in the Notice of General Meeting dated 6 November 2015 and the proposal was approved at the General Meeting held on 6 November 2015. Details of the Reduction of Capital were contained in the prospectus published by GHG on 9 November 2015 in connection with the IPO.
The purpose of the Reduction of Capital is to create additional distributable reserves for GHG.
The Reduction of Capital is a legal and accounting adjustment and is not expected to have any direct impact on the market value of the Shares.
Following the registration of the Court Order and Statement of Capital by the Registrar of Companies, the Reduction of Capital became effective today.
