Company Announcements

Annual Financial Report

Source: RNS
RNS Number : 8582J
Future PLC
15 December 2022



Future plc

15 December 2022


Future plc

("Future" or the "Company")

Proposed Capital Reduction and Notice of Annual General Meeting

15 December 2022


Future announces that later today it will post its annual report (the "Annual Report") to shareholders, incorporating a notice of the annual general meeting (the "AGM"), regarding, amongst other items, a proposed capital reduction. The AGM will be held at 11am on 8 February 2023.


The proposed capital reduction, if approved by shareholders, would create additional distributable reserves to provide flexibility for future dividend payments and/or share buybacks. In seeking approval of the Reduction of Capital, the Directors are not indicating any commitment, and, at the date of this announcement, do not have any immediate intention, to make any distributions (other than the recommended final dividend of 3.4p per share for the year ended 30 September 2022, payable on 14 February 2023 to all shareholders on the register at close of business on 20 January 2023, subject to shareholder approval at the AGM on 8 February 2023 as previously announced on 30 November 2022), or to buy back any Ordinary Shares.


The process comprises: (i) the cancellation of the entire amount standing to the credit of the Company's share premium account (the "Share Premium Reduction") and (ii) the capitalisation of the entire amount standing to the credit of the Company's merger reserve by issuing B ordinary shares in the capital of the Company and the subsequent cancellation of such B ordinary shares (the "Merger Reserve Reduction"). The Share Premium Reduction and the Merger Reserve Reduction together comprise the "Capital Reduction".


The Capital Reduction is conditional upon the passing of the resolutions set out in the notice of the AGM by the Company's shareholders, as well as approval being obtained in the Companies Court, London (the "Court").


It is expected that the Capital Reduction, if approved by shareholders and confirmed by the Court, will create additional distributable reserves to the value of £669,820,258.


The Annual Report (including the notice of the AGM) which amongst other matters, deals with the Capital Reduction, will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection on its website at The Annual Report (including the notice of the AGM) will also be available for viewing on the Company's website at






Publication of this document

15 December 2022

Latest time and date for receipt of Forms of Proxy

11:00 a.m. on 6 February 2023

Annual General Meeting

11:00 a.m. on 8 February 2023

Expected date of the first Court hearing for initial directions

on or around 20 February 2023

Capital Reduction Record Time

6.30 p.m. on the Business Day preceding the Court hearing to confirm the Reduction of Capital

Expected date of the second Court hearing

on or around 14 March 2023 to confirm the Reduction of Capital

Effective Date of the Reduction of Capital

Business Day after the Court order confirming the Reduction of Capital


(1)   Each of the times and dates set out above is based on current expectations and is subject to change. If any of the above times and/or dates is changed, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service.

(2)   All above references to times are to London (GMT) times.



Future plc

Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer

Marion Le Bot, Head of Investor Relations


Tel: +44 (0)1225 442244

Headland Consultancy (Financial PR)

Stephen Malthouse
Rob Walker
Charlie Twigg

Tel: +44 (0)20 3805 4822

+44 (0)7734 956 201
+44 (0)77 9195 8922



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.