15th Dec 2022 12:06
Future PLC - Bath, England-based magazine publisher - Proposes capital reduction at annual general meeting in February. Aims to create additional distributional reserves of around GBP669.8 million "to provide flexibility for future dividend payments and/or share buybacks". The accounting exercise is conditional to shareholder approval at AGM. The process consists of cancelling the entire amount standing to credit of the firm's share premium account and capitalisation of the entire amount to the credit of its merger reserve by issuing B ordinary shares.
Back in November, Future predicted "modest" profit growth in the year ahead ending September 30 and provided an update on the replacement of its chief executive. Zillah Byng-Thorne will leave Future by the end of 2023, the company announced back in September. In November, it said "good progress is being made" on finding a successor. In the meantime, the role of Chief Financial Officer Penny Ladkin-Brand is being extended to include strategy officer.
Current stock price: 1,262.00 pence, down 1.5% on Thursday
12-month change: down 65%
By Tom Budszus, Alliance News reporter
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