21 October 2024
Brave Bison Group
plc
("Brave
Bison" or the "Company")
Reduction of Capital
Effective
Brave Bison, the digital advertising
and technology services company, announces that the Reduction of
Capital approved by Brave Bison shareholders in June 2024 has now
become effective.
The increase in distributable
reserves created by the Reduction of Capital supports both the
potential future payment by the Company of dividends to
Shareholders as well as future share buybacks should circumstances
dictate that it is desirable to do so.
Whilst there is no current intention
to return any amounts to shareholders the Board intends to keep
this under review and wishes to be able to proceed if this is
thought to be in Shareholders' interests.
At the annual general meeting of the
Company held on 19 June 2024 (the "AGM"), all resolutions proposed to the
shareholders of the Company (the "Shareholders"), as set out in the
notice of AGM sent to Shareholders on 24 May 2024 (the
"Notice of AGM"), were
passed by the Shareholders.
The resolutions passed at the AGM
included those in respect of the Reduction of Capital, whereby the
Company proposed to cancel (i) all of the B Ordinary Shares, (ii)
the share premium account, and (iii) the capital redemption
reserve.
In connection with the Reduction of
Capital, and in accordance with the resolutions passed at the AGM,
on 7 October 2024, the Company capitalised £62,624,450 (being the
amount standing to the credit of the Company's merger relief
reserve) and allotted and issued 1,291,813,947 B Ordinary
Shares.
The Reduction of Capital required
Court approval and the Company is pleased to announce that Court
approval has now been obtained. Following registration of the Court
order approving the Reduction of Capital with Companies House on 17
October 2024, the Reduction of Capital is now effective, and as a
result, has increased the Company's distributable reserves by
£158,436,206.60.
Following the implementation of the
Reduction of Capital there is no change to the number of Ordinary
Shares in issue (or their nominal value), and no new share
certificates will be issued as a result of the Reduction of
Capital.
Capitalised terms used in this
announcement, and not otherwise defined, have the same meaning as
given in the Notice of AGM.
For further information please
contact:
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Brave Bison Group plc
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via Cavendish
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Oliver Green, Executive
Chairman
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Theo Green, Chief
Growth Officer
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Philippa
Norridge, Chief Financial Officer
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Cavendish Capital Markets
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+44 (0) 20 7220 0500
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Nominated Adviser &
Broker
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Ben Jeynes
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Dan Hodkinson
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-ENDS-
