It proposes to cancel 630,342,900 deferred shares, and the PS25.19m in the company's share premium account
- the shareholders' equity portion of the balance sheet - would be cancelled and credited to the reserves.
Firstly, the 630,342,900 issued Deferred Shares would be cancelled and secondly, [pounds sterling]25.19m standing to the credit of the company's share premium account
would be cancelled.
Also, if approved the company will purchase stock through financial intermediaries in one or more transactions on the open market or otherwise, subject to it having sufficient available free reserves in the share premium account
. These repurchases would be financed with cash on hand, cash from operations or existing debt capacity, besides, it will have the right to start, suspend or discontinue the programme at any time and it gives no assurances about how much or when these shares will be ultimately bought.
The dividend comprises 17.5 per cent cash and 7.5 per cent compulsory convertible unsecured bonus stock bonds payable from share premium account
. The dividend proposal is subject to the approval of the Central Bank of Oman and annual general meeting.
The residual balance of Rs.201.855 million available in share premium account
and remaining account from inappropriate profits of bank was utilized to issue Bonus shares.
The Shareholders also approved issuance of 10 percent Bonus shares by utilizing share premium account
Its subsidiary companies - Icebox Holdings, Icebox Midco and Ice Acquisitions - are looking to reduce their capital to pounds 1 each, and Holdings plans to cancel its share premium account
. The changes would release a further pounds 59.5m.
Focus Solutions also said it had started the process of applying to the court for the cancellation of its share premium account
, which will in turn make it possible to pay a dividend.
They said in a statement: "Sunderland Plc intends, subject to shareholders' approval being obtained, to implement a cancellation of the company's share premium account
, to re-register as a private company and amend its articles of association.
The share capital would be increased through a bonus issue of some EUR3.9m from the current EUR1.96m to EUR5.87m by transferring the corresponding amount from share premium account
to share capital.
Once the options are exercised and shares issued, the credit going to the share premium account
could be increased to balance the debit.