European Green Transition plc (LSE:EGT) has received High Court approval for a reduction of its share premium account, a measure intended to create distributable reserves for potential future shareholder distributions.
The capital reduction will become effective once the court order and accompanying statement of capital have been registered with the UK companies registrar.
The transaction will not change the number of European Green Transition shares in issue.
Once effective, the reduction will create distributable reserves that could provide the company with the ability to pay dividends or make other distributions to shareholders in the future. European Green Transition cautioned, however, that there is no guarantee that any such distributions will be made.
The company is pursuing a buy-and-build strategy focused on critical infrastructure services in the UK and Ireland. Its activities include operations, maintenance, repairs and remote monitoring for onshore wind turbines.
European Green Transition is also seeking to dispose of or partner non-core mining projects as it focuses capital on its critical infrastructure operations.
About European Green Transition
European Green Transition is an AIM-listed critical infrastructure company focused on acquiring, integrating and scaling revenue-generating businesses in the UK and Ireland.
Its wind services platform comprises Earthmill, WEP Wind Energy Partnership, Silverford Engineering and Anemos Analytics, providing services covering more than 900 onshore wind turbines.
The company also holds mining assets, including the Olserum rare earths project in Sweden, which it is seeking to sell or develop through partnerships.
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