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LONDON - Inchcape (OTC:INCPY) plc will hold a general meeting on August 26 to address technical issues with share buybacks conducted between November 2024 and March 2025, according to a press release issued Thursday.
The automotive distributor discovered that its 2023 financial accounts failed to show sufficient distributable reserves to support share repurchases made during two specific periods: November 25 to January 9, 2025, and March 4 to March 24, 2025.
The company clarified that it did have adequate distributable reserves during the relevant periods due to dividends received from subsidiaries throughout 2024. However, Inchcape did not file interim accounts with Companies House to reflect these reserves, resulting in the buybacks not fully complying with Companies Act 2006 requirements.
"The issues arising are technical in nature and do not have any impact on the Company’s current trading or the payment of any dividends to shareholders," the company stated in its announcement.
The general meeting will take place at 9:00 a.m. on Tuesday, August 26, at Exchange House in London, where shareholders will vote on proposed steps to address the technical non-compliance.
Inchcape has made the notice of general meeting and proxy forms available on the National Storage Mechanism and the company’s website. Hard copies have been mailed to shareholders who elected to receive paper communications.
The documents will also be available for inspection at Inchcape’s London offices until the conclusion of the general meeting.
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