https://find-and-update.company-information.service.gov.uk/company/11305472/filing-history
4 replies (most recent on top)
The shares were all paid up so were not a liability to SHs. I don't think it's that.
The company will have anywhere near $338m to pay out to shareholders. I don't think it'll be that.
It would be nice for someone more knowledgeable than myself to comment, but my reading is the company is gearing up for a change of ownership (to sell/be acquired).
# Debt refinancing a while back gave company a more stable immediate term
# Permira directors have registered from companies
# Share capital reduced from $338m to $300
# Continued cost-cutting/control and staff cuts make business more profitable (on EBITDA)/lower losses (overall P&L)
No doubt a negative effect intended to futtbuck the people who were given magic equity points a few pay review cycles ago.
I don't think there is must to say on this to be honest... just some *hit going on in the background of this seemingly American run unempathetic company. Just remember, its all and only about the bottom line!
Copying what the meaning of this off a site that knows this is, says the following...
"There are a number of reasons why a company may want to carry out a reduction of share capital, including:
- returning to shareholders the capital not needed for the company’s ongoing operations.
- cancelling capital that is no longer supported by the assets of the company, this is where the share capital is more than the net assets of the company.
- extinguishing or reducing the liability of shareholders on shares that are not fully paid where the unpaid capital is not expected to be needed by the company.
A reduction of share capital can, therefore, be used where a shareholder wants to retire from a company provided that the amount being paid to the retiring shareholder is not needed for the company’s ongoing operations.
Before deciding on making a share capital reduction you should obtain suitable legal and taxation advice."