OptiBiotix Health is planing assemble a General Meeting in which it would ask the shareholders a re-organisation to allow the company to make future dividend payments.
The company said that there will be no change in the number of Ordinary Shares in issue (or their nominal value) following the capital re-organisation.
The proposed capital reduction will cancel the Company’s share premium account. This will create distributable reserves which will be available for the directors of the Company to use for the purposes of paying dividends, either in cash or ‘in specie’, should circumstances in the future make it desirable to do so.
The capital re-organisation requires both shareholder consent and the approval of the Court. Following the GM, if approved, an application will be made to the Court in order to confirm and approve the Capital Reduction.
Stephen O’Hara, CEO of OptiBiotix, said: “I am pleased to inform shareholders of our plans to allow the Company to make future dividend payments. The ability to make dividend payments provides the flexibility to consider paying a ‘dividend in specie’ to the Company’s shareholders of shares it holds in SkinBioTherapeutics plc, should it be appropriate to do so. This is part of our strategy of building value across OptiBiotix divisions and where possible releasing value back to shareholders.”