Communisis PLC Notice of General Meeting (0811N)
20 October 2016 - 11:00PM
UK Regulatory
TIDMCMS
RNS Number : 0811N
Communisis PLC
20 October 2016
20 October 2016
Communisis plc
("Communisis" or the "Company")
Notice of General Meeting
The Company has issued a circular to shareholders to convene a
general meeting to seek shareholder approval for a proposed
reduction of the Company's capital ("Capital Reduction"). The
meeting is to be held at 9.00am on 9 November 2016 at the offices
of Communisis plc, 10 Little Portland Street, London W1W 7JG.
Since the Interim results, corporate bond yields have further
decreased with a resultant increase in the accounting deficit of
the Company's pension scheme. As of 17 October 2016, the pension
scheme accounting deficit was approximately GBP57m, compared to an
accounting deficit of approximately GBP44m at 30 June 2016. This
increase in accounting deficit has the effect of reducing the level
of the Company's distributable reserves. In order to improve the
Company's distributable reserves and to support future dividend
payments, the Board is recommending a Capital Reduction.
The completion of the Capital Reduction will not affect the
rights attaching to the Ordinary Shares, and will not result in any
change to the number of Ordinary Shares in issue.
The Capital Reduction, if approved by the Shareholders and
confirmed by the High Court, will (subject to any undertakings the
Company may be required to give to the High Court regarding the
protection of its creditors) create additional distributable
reserves of approximately GBP22.5m.
The circular gives more detail on the Capital Reduction,
including the justification, process and timescales. The circular
is available on the Company's website at www.communisis.com.
For further information please contact:
Communisis plc 0207 224 3456
Andy Blundell / Mark
Stoner
FTI Consulting 0203 727 1000
Matt Dixon / Emma
Appleton
About Communisis
Communisis is an integrated marketing services company, which
improves the communication between brands and their customers. We
create engaging content and deliver it across multiple customer
touch-points; in digital, broadcast and print channels.
This information is provided by RNS
The company news service from the London Stock Exchange
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