CORAL PRODUCTS PLC

Pre-Annual General Meeting Information • Sep 7, 2022

National Storage Mechanism | Additional information

RNS Number : 5053Y

Coral Products PLC

07 September 2022

7 September 2022                                       

Coral Products plc

("Coral" or the "Company")

Posting of Annual Report, notice of AGM and

proposed cancellation of share premium account and capital redemption reserve

Coral Products PLC, a specialist in the design, manufacture and supply of injection moulded plastic products based in Wythenshawe, Manchester announces that its report and accounts for the year ended 30 April 2022 together with a notice of its Annual General Meeting ("AGM"), to be held at 12:00 p.m. on 29 September 2022 at Tatra Rotalac Limited, Southmoor Road, Wythenshawe, Manchester, M23 9DS, will today be posted to shareholders of the Company.

Coral further announces that a circular convening a general meeting on 29 September at 12.15 p.m. (or as soon thereafter as the Company's AGM has concluded) will be posted to shareholders later today to seek approval to cancel the Company's share premium account and capital redemption reserve, which are steps required to allow the future payment of dividends.

A copy of the circular will be available at www.coralproducts.com

The Companies Act 2006 only permits a company to make distributions to its shareholders out of its profits available for that purpose. Such profits are broadly a company's accumulated realised profits so far as not previously utilised by distribution or capitalisation less its accumulated realised losses.

If the proposed share premium cancellation and proposed capital redemption reserve cancellation, are approved by shareholders at the general meeting, they will be subject to the scrutiny of, and confirmation by the High Court of Justice of England and Wales ("High Court").

Following the implementation of the share premium cancellation and the capital redemption reserve cancellation there would be no change in the nominal value of the Company's ordinary shares or the number of ordinary shares in issue. The share premium cancellation and the capital redemption reserve cancellation themselves will not involve any distribution or repayment by the Company and will not reduce the underlying net assets of the Company.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

	2022
Publication of this document and Form of Proxy	6 September
Latest time and date for receipt of Forms of Proxy and CREST voting instructions	12.00 noon on 27 September
General Meeting	12.15 p.m. on 29 September
Court hearing of application to confirm the Reduction of Capital	8 November
Registration of Court Order and Effective Date of the Reduction of Capital	15 November

Notes:

1.     The times and dates are based on the Company's current expectations and are subject to change. The times and dates are indicative only and will depend, among other things, on the date on which the High Court; confirms the share premium cancellation and the capital redemption reserve cancellation. The provisional directions hearing date and final hearing date are subject to change and dependent upon the High Court.

2.      The timetable assumes that there is no adjournment of the general meeting. If the date scheduled for the General Meeting changes, the revised date and / or time will be notified to Shareholders by a further Shareholder letter.

3.  All times shown are London times unless otherwise stated.  

For further information, please contact:

Coral Products plc Joe Grimmond, Chairman	Tel: 07703 518 148
Nominated Adviser & Broker Cenkos LLP Stephen Keys Charlie Combe	Tel: 020 7397 1966
Capital Markets Consultants Richard Pearson	Tel: 07515 587 184

This announcement has been posted to: https://coralproducts.com/

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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