Liontrust Asset Management has announced its intention to cancel its share premium account in order to fund future dividend payments and share buybacks.
Shareholders were informed today of the proposed capital reduction, along with a notice of a general meeting to be held on 22 February in order to approve the proposals. Liontrust said the proposed capital reduction, if approved, will mean the cancellation of its share premium account, which currently stands at £17,692,000. The group had a profit of £9,330,000 on its profit and loss account in the audited report and accounts for the year ended 31 March 2016. Under the 2006 Act, companies are only permitted to make distributions to shareholders from distributable reserves. Cancelli...
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