UK court affirms Airtel share capital reduction

High Court of England and Wales in the United Kingdom has approved the reduction in the share capital of Airtel Africa Plc to 3,758,151,504 units.

This was disclosed in a notice filed on the Nigerian Exchange Limited on Tuesday.

Airtel in the statement said that the UK court sanctioned the cancellation and extinction of all of its deferred shares of $0.50 nominal value each, which had earlier been approved by shareholders at the Annual General Meeting of the Company held last month.

Part of the statement read, “The effect of the Capital Reduction is to create additional distributable reserves which will be available to the Company going forward and may be used to facilitate returns to shareholders in the future, whether in the form of dividends, distributions or purchases of the Company’s own shares.

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“The order of the High Court confirming the Capital Reduction (the “Court Order”), and the statement of capital approved by the High Court in connection with the same, will be delivered to the Registrar of Companies. The Capital Reduction will become effective upon the registration of the Court Order by the Registrar of Companies, which is expected to take place shortly.

“The Company confirms that, following the Capital Reduction, the issued share capital of the Company will be 3,758,151,504 ordinary shares of USD $0.50 nominal value each, carrying one vote each. There are no shares held in treasury. The total voting rights in the Company therefore will be 3,758,151,504.”

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