IG Group completes capital reduction

(Sharecast News) - IG Group confirmed on Friday that its previously-announced reduction of capital has become effective following approval by the High Court. The FTSE 250 company said the court order, along with the accompanying statement of capital, was registered on 26 June.

It said the capital reduction involved the cancellation of its £300m merger reserve through the issue and cancellation of new deferred shares, a £125.7m reduction in the share premium account, and a £3,501 reduction in the capital redemption reserve.

The move was approved by shareholders at a general meeting on 29 May.

IG clarified that the reduction had no impact on the rights attached to its ordinary shares, nor did it affect the number of shares in issue or their nominal value.

At 1149 BST, shares in IG Group Holdings were up 0.51% at 1,069.38p.

Reporting by Josh White for Sharecast.com.