Gaming Realms PLC Announces Share Capital Reduction

Rhea-AI Summary

Gaming Realms PLC has announced the completion of its share capital reduction, following approval by the High Court of Justice on July 16, 2024. The reduction became effective on August 1, 2024, after registration with the Registrar of Companies. This move allows the company to potentially pay dividends to shareholders or use the capital for other corporate purposes, such as share buybacks. However, there are no immediate plans for dividends or share repurchases.

Key points:

• The nominal value of each ordinary share has been reduced to £0.001
• The total number of ordinary shares remains unchanged at 294,826,444
• Shareholders approved the capital reduction at a general meeting on June 12, 2024

Positive

• Increased financial flexibility for potential future dividends or share buybacks
• Successful completion of capital reduction process, indicating effective corporate governance

Negative

• No immediate plans for dividends or share repurchases, which may disappoint some investors

LONDON, UNITED KINGDOM / ACCESSWIRE / August 2, 2024 / The Company is pleased to announce that, following formal approval by the High Court of Justice (the " Court ") of the cancellation of the share premium account of the Company and the reduction in the nominal value of each issued fully paid-up ordinary share in the capital of the Company to £0.001 each (the " Capital Reduction ") on 16 July 2024, the order of the Court confirming the Capital Reduction and statement of capital approved by the Court was registered with the Registrar of Companies on 1 August 2024 and, following their registration at Companies House, the Capital Reduction has become effective to enable the Company, as it wishes, to pay Shareholders dividends or to be used for other valid corporate purposes, such as the purchase of its own shares. There is no present intention to undertake any dividend or share buyback programme.

Details of the Capital Reduction are set out in the Company's notice of annual general meeting published by the Company on 20 May 2024 (the " Notice "). The Notice is available for inspection on the Company's website at https://www.gamingrealms.com/investors/reports/. The Capital Reduction was approved by Shareholders at a general meeting of the Company on 12 June 2024.

Following the Capital Reduction, the nominal value of each ordinary share in the Company is now £0.001. The number of ordinary shares of the Company in issue has not changed and consists of 294,826,444 ordinary shares.

Gaming Realms plc	0845 123 3773
Michael Buckley, Executive Chairman Mark Segal, CEO Geoff Green, CFO
Peel Hunt LLP - NOMAD and joint broker	020 7418 8900
George Sellar Lalit Bose
Investec - Joint broker	020 7597 4000
Ben Farrow Lydia Zychowska Yellow Jersey PR Charles Goodwin Annabelle Wills Bessie Elliot	07747 788 221

About Gaming Realms

Gaming Realms creates and licenses innovative games for mobile, with operations in the U.K., U.S., Canada and Malta. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. As the creator of a variety of Slingo ^TM, bingo, slots and other games, we use our proprietary data platform to build and engage global audiences. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Gaming Realms PLC

View the original press release on accesswire.com

FAQ

What is the new nominal value of Gaming Realms PLC (PSDMF) shares after the capital reduction?

Following the capital reduction, the new nominal value of each ordinary share in Gaming Realms PLC (PSDMF) is £0.001.

How many ordinary shares does Gaming Realms PLC (PSDMF) have in issue after the capital reduction?

The number of ordinary shares in issue for Gaming Realms PLC (PSDMF) remains unchanged at 294,826,444 after the capital reduction.

When did the capital reduction for Gaming Realms PLC (PSDMF) become effective?

The capital reduction for Gaming Realms PLC (PSDMF) became effective on August 1, 2024, following registration with the Registrar of Companies.

Does Gaming Realms PLC (PSDMF) plan to pay dividends or repurchase shares immediately after the capital reduction?

No, Gaming Realms PLC (PSDMF) has stated that there is no present intention to undertake any dividend or share buyback programme following the capital reduction.