WILLIAM HILL PLC - PROPOSED REDUCTION OF CAPITAL
William Hill PLC (the Company) announces that it proposes to reduce its share capital by way of a cancellation of approximately £311.3 million of the Company's share premium account and the transfer of such amount to the Company's distributable reserves.
The Board believes that the proposed reduction of capital will provide the Company with the flexibility to maintain an efficient capital structure, including where necessary, through a combination of dividends and share buy-backs.
Subject to the receipt of the necessary consents from its creditors, the Company intends to seek the approval of its shareholders for the proposed reduction of capital at its forthcoming Annual General Meeting, the documents for which will be posted shortly. The reduction of capital would be conditional on the approval of the Company's shareholders by special resolution and on confirmation by the High Court.
|Simon Lane, Group Finance Director||Tel:+44 020 8918 3910|