5th Jun 2019 12:00
LONDON (Alliance News) - RELX PLC said its shareholders and the High Court of Justice of England & Wales approved the capital reduction, which became effective Wednesday.
The FTSE 100-listed publisher said the purpose of the capital reduction is to increase the amount of distributable reserves available to the company for future dividend payments and share buybacks.
This has been effected by issuing one B share, which had a nominal value of GBP4.0 billion, and then cancelling the capital reduction share.
There is no change in the number of the company's ordinary shares in issue or their nominal value, RELX said, as a result of the capital reduction.
The stock was trading 1.1% higher on Wednesday midday at 1,839.00 pence a share.
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