Court ruling nets £130m for Fenner

London – Fenner plc has received clearance from the High Court in London for shares-related changes worth nearly £130 million (€152 million) to the group.

England’s highest court approved the “reduction of share capital and cancellation of the amount standing to the credit of Fenner's share premium account,” the London-based group announced 6 July.

The court order, said Fenner, confirmed that the reduction and cancellation had created £127.98 million of additional distributable reserves out of its share premium account and merger reserve.

These distributable reserves will be available for distribution to shareholders, or for any other corporate purpose, added the UK supplier of industrial conveyor belts and engineering systems.