26th Oct 2005 07:00
Dawnay, Day Carpathian PLC26 October 2005 Dawnay, Day Carpathian PLC Cancellation of Part of the Share Premium Account As indicated in its admission document dated 20 July 2005, Dawnay, DayCarpathian PLC ("DDC" or the "Company") announces that it proposes to cancel£13,860,900 of the Company's share premium account and transfer correspondingamounts to the distributable reserves of the Company (the "Cancellation"). The Cancellation will not become effective until shareholder approval has beenobtained and the reduction has been confirmed by the High Court of Justice ofthe Isle of Man (the "Court"). The Company intends to apply to the Court for thenecessary confirmation shortly after the EGM referred to below and it iscurrently anticipated that the Cancellation should become effective on or about12 December 2005. In its admission document, DDC stated the intention to pay an initial dividendyield of 3% to shareholders by 31 December 2005. Whilst it is not the Company'sintention to use share capital as a method of dividend payment, in order toenable this initial dividend to be paid, it is proposed that sufficientdistributable reserves shall be created by cancelling 10% of the Company's sharepremium account. It is envisaged that, subject to shareholder approval at the EGM and the consentof the Court to the Cancellation, DDC will declare an initial dividend of 3p perordinary share. A circular is being posted to shareholders today convening an EGM to be held atthe registered office of the Company at St James's Chambers, Athol Street,Douglas, Isle of Man IM1 1JE on 18 November 2005 at 2.00 pm to consider theCancellation. For further information please contact: Dawnay, Day Carpathian Peter Klimt 020 7834 8060 Paul RogersNumis Securities Bruce Garrow 0207 776 1500 Emma Primarolo This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Adams