PEG Petards Group Plc

TIDMPEG

RNS Number : 3407J

Petards Group PLC

17 December 2015

17 December 2015

PETARDS GROUP PLC

('Petards' or the 'Group')

Completion of Capital Reduction

Petards (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to announce that it has received approval from the High Court to the reduction of the Company's share capital (the "Capital Reduction"). The principal purpose of the Capital Reduction, (details of which were set out in the Circular to shareholders dated 23 October 2015) is to create realised profits sufficient to eliminate the accrued deficit on the Company's profit and loss account.

Following registration of the Court order at Companies House, the Capital Reduction took effect on 16 December 2015. The Company has given certain undertakings to the Court in relation to the reserve arising on the Capital Reduction for the protection of the Company's creditors at the date on which the Capital Reduction took effect.

For further information:

 
 Petards Group plc            www.petards.com 
 Raschid Abdullah, Chairman   Mb: 07768 905 
                               004 
                              Tel: 0191 420 
                               3000 
 
 WH Ireland Limited, Nomad    www.wh-ireland.co.uk 
  and Joint Broker 
 Mike Coe/Ed Allsopp          Tel: 0117 945 
                               3470 
 
 Hybridan LLP, Joint Broker   www.hybridan.com 
 Claire Louise Noyce          Tel: 020 3764 2341 
                               claire.noyce@hybridan.com 
 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 17, 2015 02:00 ET (07:00 GMT)

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