Park Street A/S Announces Share Capital Reduction Issue
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Park Street A/S Announces Share Capital Reduction Issue
Park Street A/S (the "Company") would like to inform that an unfortunate issue relating to the cancellation of 2,955,585 treasury class A shares has been identified. This follows a recent announcement regarding the general meeting’s approval of a share capital reduction and the subsequent cancellation of shares on 30 May 2024.
Details of the Share Capital Cancellation Error
Due to an unfortunate mistake in the Company's share register, the amount of treasury class A shares held by the Company was recorded inaccurately. As a result, the Company performed a share capital reduction by cancellation of 2,137,939 class A shares beyond its actual holding of treasury class A shares.
Root Cause of the Issue
The mistake originated during the conversion of 2,137,939 class B shares into class A shares, which was executed on 19 July 2022. This conversion should have attributed the newly issued class A shares to the account of Park Street NordAc S.a.r.l., but they were mistakenly allocated to the Company's treasury shares during the settlement process.
Impact of the Excess Shares Cancellation
This error has led to the Company's recorded holding of treasury class A shares including an excess of 2,137,939 shares, ultimately resulting in the cancellation of these shares that exceeded the Company's legal entitlement.
Company's Response and Next Steps
Park Street A/S is currently investigating the situation to resolve this issue and will provide further updates as more information becomes available.
Contact Information
For further information, please contact Pradeep Pattem, CEO at parkstreet@parkstreet.dk.
Company Website: www.psnas.com
Telephone Number: +45 33 33 93 03
Frequently Asked Questions
What is the issue with the share capital reduction?
The Company identified a mistake related to the cancellation of treasury class A shares, resulting in an excess cancellation.
How did the error occur?
The error was caused by a misallocation of shares during the conversion process of class B shares to class A shares.
What is Park Street A/S doing to resolve the issue?
The Company is currently investigating the matter and will provide updates as new information becomes available.
Who can I contact for more information?
You can contact Pradeep Pattem, CEO, via email at parkstreet@parkstreet.dk.
Where can I find more information about the company?
Additional information can be found on the company website at www.psnas.com.
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