Wednesday, October 23, 2019 / 09:45AM / By Airtel Africa Plc/ Header Image Credit: Digest Africa
As outlined in the Company's prospectus dated 17 June 2019 (the "Prospectus") and pursuant to a resolution of the Company passed on 24 May 2019, the Company is pleased to announce that it has completed a reduction of its share capital and share premium account (the "Capital Reduction"). The Capital Reduction was formally approved by the High Court on 22 October 2019. The Court Order confirming the Capital Reduction, and a statement of capital approved by the Court, have been registered with the Registrar of Companies and accordingly the Capital Reduction is now effective.
The purpose of the Capital Reduction was to create distributable reserves to support the Company's dividend policy set out in its prospectus. This has been effected by cancelling and extinguishing 50,000 redeemable deferred shares of Euro 1.00 each in the Company and reducing the amount standing to the credit of the share premium account of the Company to zero.
There are no changes to the number of the Company's ordinary shares in issue, or their nominal value, as a result of the Capital Reduction. As at the date of this announcement and following completion of the Capital Reduction, the Company has 3,758,151,504 ordinary shares of US$0.50 each in issue with one vote, and 3,081,744,577 non-voting deferred shares of US$0.50 each in issue.
The Company's prospectus can be found at: https://airtel.africa/assets/pdf/AirtelAfricaplcProspectus.pdf.
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