OptiBiotix Health plc (LON:OPTI), a life sciences business developing compounds to tackle obesity, high cholesterol, diabetes announced on 28 November 2017 that it intended to seek a cancellation of its share premium account (the “Capital Reduction”) in order to create distributable reserves to allow the Company to make future dividend payments.
OptiBiotix has today announced that, following shareholder approval which was granted on 25 January 2018, the High Court of Justice made an order confirming the Capital Reduction on 27 February 2018.
Following the registration of the Court order confirming the Capital Reduction by the Registrar of Companies in England and Wales, the Capital Reduction became effective 27 February 2018.
Stephen O’Hara, CEO of OptiBiotix Health Plc, commented: “I am pleased to report that both shareholders and the Courts have confirmed the capital reduction. This allows OptiBiotix to make future dividend or ‘dividend in specie’ distributions to the Company’s shareholders should it be appropriate to do so. This is part of OptiBiotix’s strategy of building value across its divisions and where possible releasing value back to shareholders.”