2007: Reductions of Capital
In August 2007, Informa announced that after reviewing its dividend policy and given the excellent cash flow characteristics of the Group’s businesses and the resilience of its profits streams, it was increasing the company’s dividend payout ratio.
To implement the new dividend policy, Informa requested shareholder approval for an increase of the company’s distributable reserves by reducing its share capital and cancelling its share premium account. This was obtained at a General Meeting held on 27 November 2007 to:
(i) Reduce the share capital of the company by cancelling and extinguishing 9.9 pence of the amount paid up or credited as paid up on each of the issued ordinary shares of 10 pence in the capital of the company and reducing the nominal value of each issued and authorised but unissued ordinary shares in the capital of the company to 0.1 pence;
(ii) Cancel the share premium account of the company; and
(iii) Amend the articles of association by deleting article 3.
At a hearing on 19 December 2007, the High Court confirmed the cancellation of the company’s share premium account and the reduction of the company’s share capital by the reduction of the nominal value from 10 pence to 0.1 pence. The reductions in both became effective on 21 December 2007.
Announcement 25 October 2007 (pdf) [17kb]