Source - Alliance News

NIOX Group PLC - Oxford-based developer of medical devices for asthma diagnosis and management, formerly known as Circassia Group - Seeks approval from shareholders and High Court to cancel its share premium account in order to create distributable reserves. Says this will provide flexibility, to allow the company to return any surplus cash to shareholders in future, whether by paying dividends or buying back its own shares.

This requires shareholders to pass a special resolution at the company’s general meeting on October 6.

‘While the company has no immediate plans to return any cash to shareholders, the directors believe that it is appropriate to restructure the balance sheet to permit them to do so should such plans crystallise in due course,’ the company says.

Current stock price: 34.45 pence

12-month change: down 15%

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