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On Thursday, Aberforth Geared Value & Income Trust plc (LSE:AGIT) announced the completion of its share premium account cancellation. This financial move follows a special resolution passed during the general meeting on May 24, 2024, and has been confirmed by the High Court of Justice, Chancery Division.
The cancellation process officially concluded when the Court Order was registered with the Registrar of Companies on November 12, 2024, making the cancellation effective from that date. The share premium account is an equity account shown on the balance sheet, which typically represents the amount over and above the face value that shares were issued for in the past.
Aberforth Geared Value & Income Trust, managed by Aberforth Partners LLP, has taken this step as part of its corporate financial management strategy. The cancellation of the share premium account may provide the company with more flexibility in managing its financial structure.
The company has communicated through Michael Campbell, on behalf of Aberforth Partners LLP, Secretaries, confirming the legal formalities have been adhered to and the cancellation is now in effect. Shareholders and potential investors are advised to take note of this development when considering their investment decisions.
For further information, interested parties can contact Michael Campbell at Aberforth Partners LLP, with the provided telephone number being 0131 220 0733. The company has not disclosed any additional details regarding the implications of the cancellation for its financial strategy or dividend policies going forward.
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