Completion of capital reduction
17 December 2015
Petards (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to announce that it has received approval from the High Court to the reduction of the Company’s share capital (the "Capital Reduction"). The principal purpose of the Capital Reduction, (details of which were set out in the Circular to shareholders dated 23 October 2015) is to create realised profits sufficient to eliminate the accrued deficit on the Company’s profit and loss account.
Following registration of the Court order at Companies House, the Capital Reduction took effect on 16 December 2015. The Company has given certain undertakings to the Court in relation to the reserve arising on the Capital Reduction for the protection of the Company’s creditors at the date on which the Capital Reduction took effect.
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