Paragon Care Limited (ASX: PGC) (“PGC” or the “Company”), a leading provider of medical equipment, devices, and consumables to the healthcare markets in Australia and New Zealand, is pleased to announce that the Board has resolved to reduce Paragon Care’s share capital by $88,776,000 in accordance with Section 258F of the Corporations Act. The capital reduction will have the effect of reducing the share capital account and reducing Paragon Care’s accumulated accounting losses. This is a technical adjustment which does not require shareholder approval and allows the Company to pay future franked dividends.
The capital reduction has no impact on Paragon Care’s assets, nets assets, financial results, cash flow or funding or that of the Paragon Care Group. The number of shares on issue will not change as a result of the capital reduction.
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