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LONDON - XP (NASDAQ:XP) Factory Plc (AIM: XPF), a leading UK experiential leisure business, has announced the successful passing of a special resolution during its General Meeting held today. The resolution, which was voted on by shareholders, concerns the proposed capital reduction that the company has been planning.
The resolution received overwhelming support, with 99.88% of votes cast in favor of the capital reduction, and only 0.12% against. This represents 64.75% of the company’s issued share capital, which totaled 175,157,600 shares as of the close of business on Sunday. There were 391 votes withheld, which are not counted in law as votes for or against the resolution.
The process for the capital reduction is subject to the approval of the High Court of Justice. The company has outlined a timetable for the remaining principal events, with the initial directions hearing at the Court expected on March 14, 2025. The final hearing to confirm the capital reduction is provisionally scheduled for March 25, 2025, with the registration of the Court Order and the effective date of the capital reduction anticipated by March 31, 2025.
These dates are provisional and dependent on the Court’s timetable. XP Factory has stated that any changes to the expected dates of the Court hearings and the effective date for the capital reduction will be communicated to the extent practicable via an announcement through the Regulatory News Service of the London Stock Exchange (LON:LSEG).
The capital reduction is a significant move for XP Factory, which has established itself as one of the pre-eminent players in the UK’s experiential leisure sector. The company’s decision to reduce its capital is based on a strategic financial restructuring plan, the details of which have not been disclosed in the press release statement. Investors and stakeholders in the leisure industry will be watching closely as the company moves forward with this process, which could have implications for its financial structure and future growth strategy.
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