Team Internet capital reduction gets court approval

Team Internet Group has received approval from the High Court of England for the proposed cancellation of its share premium account as part of its capital reduction, it announced on Friday.

The AIM-traded firm first outlined the capital reduction plans on 7 September, and got it endorsed by shareholders on 28 September.

Following the sanction, the court would now dispatch an order confirming the capital reduction and a statement of capital, which also gained the court's approval, to the Registrar of Companies.

The board said the capital reduction would take effect when the Registrar of Companies registers the court order and the associated statement of capital.

At 1315 GMT, shares in Team Internet Group were up 0.64% at 125p.

Reporting by Josh White for Sharecast.com.