7th Mar 2016 15:22
LONDON (Alliance News) - Water Intelligence PLC, which provides leak detection and remediation services, on Monday said it has begun the process to ask shareholders for approval to undergo a capital reorganisation and reduction in order to be able to start paying dividends.
"The purpose of this reorganisation is to create distributable reserves in order to put the company in a position to be able to pay dividends and/or buy back its shares in future, should it be appropriate to do so," Water Intelligence said.
In addition, the capital reorganisation would remove more than 1,000 shareholders, who collectively hold just 0.26% of the company's shares.
Water Intelligence said that would remove a "significant financial and administrative burden" on the company.
Shares in Water Intelligence were down 7.2% at 58.00 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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