Courts / Ireland / Report
Friends First seek share capital reduction
2015-06-22
Hearing Or Decision
Summary
Friends First Holdings Ltd, a holding company for several financial services subsidiaries, has applied to the Commercial Court for approval to reduce its share capital by cancelling €32.2 million of its share premium account, which currently stands at €87.5 million. The company seeks to write off historic accumulated losses of €32 million in its management accounts for the period ending 30 April 2015, thereby enabling future dividend payments. The application follows a special resolution passed by the sole voting member on 10 June. The court, presided over by Mr Justice Brian Cregan, has entered the matter for directions regarding the advertising of the petition before a hearing later this year. Friends First, fully owned by the Dutch insurance group Achmea BV, employs 300 people in Ireland and serves 276,000 customers.
Who, what, where, when and why
What: Report matter: Friends First seek share capital reduction. Procedural stage: hearing_or_decision
When:
- June 10th Hearing Or Sentence
- April 30th 2015 Other
- December 2007 Other
- December 2014 Other
- 2015-06-22 Publication
Why: The company has petitioned the court for permission to reduce its share premium account in order to write off historic accumulated losses so it can pay dividends in the future. CNI source report
Topics
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