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Netcall applies to cancel its share premium account |
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Written by Business Weekly
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Friday, 27 April 2007 |
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Netcall, the telephony solutions provider based in St Ives, has announced its petition to shareholders to cancel the company's share premium account to eliminate its accumulated losses and create a distributable reserve.
The firm said that its accumulated losses balance sheet, which stood at almost £8m in June 2006, was unrepresentative of the financial state of the company and as such should be eliminated through a capital reduction scheme. Netcall's share premium account stood at over £15m in June 2006 and its board have said should that this be realigned to remove the restrictions imposed by the Companies Act 1985, which does not allow a company with accumulated losses to utilise its annual profits for any purpose other than to reduce its deficit on distributable reserves. It said that the proposed cancellation was in the long-term interest of the company, recommending that shareholders vote in favour of the resolution at an extraordinary general meeting, scheduled for May 22. |
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