Clever proposes share capital reduction

Clever proposes share capital reduction

Telecommunications company Clever Communications (ASX:CVA) has called a shareholder meeting to vote on a proposed share capital reduction.

The company is proposing to return in two tranches up to $0.06 per ordinary share held by its investors.

Clever has recently sold its off-net resale business to M2 (ASX:MTU) subsidiary People Telecommunications, and the capital reduction would be a way of distributing the proceeds.

The directors are confident they have retained enough capital to deal with Clever’s debt obligations, the company said.

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Tags TelecommunicationsClever CommunicationsdividendsShare capital

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