M&Z plc - Request for Redemption of Preference Shares
On 28 August 2024, M&Z plc announced that the holders of its 1,500,000 cumulative redeemable preference shares having a nominal value of €1,500,000 submitted a request to exercise their right to redeem all their preference shares.
The request stipulated that the preference shares would be redeemed over a three-year period with 125,000 preference shares to be redeemed on a quarterly basis with dividends continuing to be due on the unredeemed preference shares. The quarterly redemption of preference shares will therefore amount to €125,000. All preference shares redeemed will be cancelled and the amount of the company’s issued share capital will be reduced by the nominal value of those shares.
The preference shareholders have agreed that each quarterly redemption of preference shares shall be subject to a prior assessment by the Company that the Company’s financial position can support such a redemption at the time. The first redemption is expected to take place by the end of the third quarter of 2024.