Park Street A/S – Issue identified related to performed share capital reduction
Park Street A/S – Issue identified related to performed share capital reduction
With reference to company announcement of 26 April 2024 regarding the general meeting’s approval of a share capital reduction, and the subsequent execution of the share capital reduction by cancellation of 2,955,585 treasury class A shares (the listed shares) and 12,164,865 treasury class B shares (the unlisted shares) performed on 30 May 2024, Park Street A/S (the "Company") would like to inform that an unfortunate issue relating to the cancellation of the 2,955,585 treasury class A shares has been identified.
Due to an unfortunate mistake in the Company's share register, the amount of treasury class A shares held by the Company has appeared higher than it was, whereby the Company has performed a share capital reduction by cancellation of 2,137,939 class A shares above its holding of treasury class A shares it had legal title to.
The mistake is rooted in the conversion of 2,137,939 class B shares into 2,137,939 class A shares held by Park Street NordAc S.a.r.l., performed on 19 July 2022 and informed to the market in company announcement the same day. As the converted class B shares were owned by Park Street NordAc S.a.r.l., the new issued class A shares based on the conversion should have been attributed to the account of Park Street NordAc S.a.r.l., but instead they were mistakenly attributed to the account of the Company as treasury shares during the settlement process.
Due to this error, the Company's recorded holding of treasury class A Shares then included an excess of 2,137,939 shares, resulting in the cancellation of 2,137,939 treasury class A shares in excess of the Company's legal holding of class A shares.
Park Street A/S currently investigating how to solve this issue and will update with further information as soon as it becomes available.
For further information please contact Pradeep Pattem, CEO at parkstreet@parkstreet.dk
Company Website: www.psnas.com
Telephone Number: +45 33 33 93 03
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