Further to the announcement on 9 January 2025, Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce that the English Courts have now sanctioned the Reduction of Capital, as described in the Circular published by the Company on 22 November 2024.
The Reduction of Capital has the effect of reducing the nominal value of the Company's ordinary shares from 14 pence per ordinary share to 1 pence per ordinary share. The Reduction of Capital will become effective on registration of the Court Order and accompanying statement of capital by the Registrar of Companies, expected to be on or around 15 January 2025. The number of shares admitted to trading will be unchanged by the Reduction of Capital.
The Reduction of Capital will generate distributable reserves of £57,273,026.07 to support the payment of future dividends. The Company, however, does not plan on making dividend payments in the foreseeable future and there can be no assurance as to the level of future dividends.
As previously stated, the Reduction of Capital will have no impact on the Company's cash balance and the change to the nominal value is not expected to have any impact on the market value of the Company's ordinary shares.
Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Circular published by the Company on 22 November 2024.
