3rd Dec 2015 18:44
LONDON (Alliance News) - Brack Capital Real Estate Investments NV on Thursday said it intends to return either EUR4.8 million or EUR6.5 million to shareholders, depending on the amount of distributable reserves available.
"To ensure that necessary distributable reserves are available, a two-step process is to be followed. First, this requires an increase to the share capital and subsequently reducing this capital by the same amount as the increase," the company said.
The real estate development and investment group, which has assets in the US, Germany, Russia, India and the UK, said it envisages converting freely distributable reserves into share capital by increasing the nominal value of each share from EUR0.01 to EUR0.04 or EUR0.05.
Subsequently, the share capital will be reduced by an amount of EUR4.8 million or EUR6.5 million.
it is intended that the distribution will be made to shareholders by a repayment of share capital of EUR0.03 or EUR0.04 per share.
By Samuel Agini; [email protected]; @samuelagini
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