Ariana Resources PLC (LON:AAU) updated investors on its proposed share capital reduction and said it is close to completing the submissions required by a court process.
The company continues to work with its legal advisors and is advancing court proceedings as planned. Any delays in the legal process have now been overcome, it said.
"I am pleased to update shareholders on the proposed reduction of share capital, following which a dividend distribution plan will be announced,” said managing director Kerim Sener.
“However, as we have no control over the court schedules, we are unable to progress with proceedings any quicker than we are currently.”
The proposed capital reorganisation, announced February 8, will enable the company to pay a special dividend following completion of the joint venture with Özaltin Holding and Proccea Construction Co.
READ: Ariana secures Competition Authority approval for expanded joint venture in Turkey