TIDMR4E
RNS Number : 8446A
Reach4Entertainment Enterprises PLC
03 June 2019
3 June 2019
reach4entertainment enterprises plc
('r4e' the 'Group' or the 'Company')
Posting of Annual Report, Notice of AGM and Proposed Capital
Reduction
reach4entertainment enterprises plc (AIM: R4E), the
entertainment marketing communications group announces that its
Annual Report and Accounts for the year ended 31 December 2018 and
Notice of the Annual General Meeting, containing full details of
the capital reduction described below, have been sent to
shareholders and are available on the Company's website at
www.r4e.com.
The Company's Annual General Meeting will be held at 10.00 a.m.
on Friday 28 June 2019 at Wellington House, 125 Strand, London WC2R
0AP.
Proposed Capital Reduction
The Notice of the Annual General Meeting includes a proposal for
a capital reduction which requires shareholder approval. The votes
of the Shareholders will be added together at the Annual General
Meeting and the capital reduction resolution, which will be
proposed a special resolution, requires a majority in favour of at
least 75% of those Shareholders attending and voting in person or
by proxy in order to be passed.
Background to, and reasons for, the Capital Reduction
Since the leadership changes in the Company at the end of 2017,
the Group's operational and financial performance has seen
significant improvement. The Group has become more profitable and
management's initiatives have led to growth both organically and
through acquisition. Current market expectation for the year ended
December 2019 forecasts an improved performance on 2018 and the
Directors believe that the Group is well positioned for future
sustained growth and development.
The Company currently has negative distributable reserves and
is, therefore, prohibited under the Companies Act from making
distributions to its Shareholders, including the payment of
dividends. In light of the Group's prospects and current strong
financial position, the Directors believe it is now an appropriate
time to undertake the capital reduction and create distributable
reserves which would enable the payment of dividends in the future,
subject to the continuing satisfactory financial performance of the
Group.
The completion of the capital reduction and reduction of nominal
share value will not affect the rights attaching to the ordinary
shares and will not result in any change to the number of ordinary
shares in issue.
The capital reduction, if approved and made effective, will
eliminate the retained losses resulting in the creation of
distributable reserves of GBP3,950,327.
Enquiries:
reach4entertainment enterprises plc
Marc Boyan, Chief Executive Officer +44 (0) 20 7968
Paul Summers, Chief Operating Officer 1655
Yellow Jersey PR
+44 (0)7747 788
221
Charles Goodwin +44 (0)7544 275
Harriet Jackson 882
Grant Thornton, NOMAD
Philip Secrett
Jamie Barklem +44 (0) 20 7383
Seamus Fricker 1500
Dowgate Capital, Broker
James Serjeant +44 (0) 20 3903
David Poutney 7715
Notes to Editors
reach4entertainment enterprises plc ("r4e") operates a
collection of theatrical, film and live entertainment marketing,
PR, advertising and display agencies, across the world. The Company
uses its extensive experience in the live entertainments space to
create value through investing in innovative and established
agencies that provide communications services to a range of clients
involved with theatre, film, concerts and more.
For further information on r4e you are invited to visit the
Company's website at www.r4e.com.
Spot and Company of Manhattan, INC.
A global leading full-service arts and live entertainment
advertising and marketing agency. In an ever-changing media
landscape, it stays ahead of the curve with a mix of bold
positioning through interactive, broadcast, environmental and print
campaigns.
https://www.spotnyc.com
Dewynters Limited
A leading independent arts, events and live entertainment
marketing specialist. The agency's work in theatre, museums,
attractions, sport and music is seen right across the globe.
http://www.dewynters.com
Newman Displays Limited
The UK's leading large-scale outdoor signage, front of house,
marquee display and installation company. Clients include major
West End theatre productions, leading film companies, cinemas and
major global events.
http://www.newman-displays.com
Wake the Bear Limited
A marketing communications agency that supports businesses to
invent, reposition and regenerate their brands in order to grow.
The agency carries out brand strategy, communications planning and
end-to-end activation.
http://wakethebear.co.uk
Story House PR Limited
A new public relations agency for the theatre and live
entertainment industries, operating in the UK and internationally.
The agency crafts engaging campaigns for audiences, driven by
strategy: the right channel, at the right time, with the right
message. Fully integrating PR with paid media and social, ensuring
all elements of a campaign are working together, Story House
collaborates with its clients to ensure its work is dedicated to
realising their ambitions.
www.storyhousepr.co.uk
Buzz 16 Productions
Buzz 16 is an independent production company, which creates both
short and long form sports orientated content. The Company was
co-founded by former Manchester United player and respected
broadcaster, Gary Neville, along with former Sky Sports Premier
League producer, Scott Melvin.
https://buzz16.uk
Sold Out
Sold Out is an independent full service advertising agency,
specialising in arts and entertainment for over 25 years.
https://soldout.london
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END
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