Paying dividends from share premium

My client is a solvent company with both distributable profits and a substantial share premium account.  There is a cash balance, of rather more than the profits, which the directors would like to extract.   Once the profits have been distributed as dividends, can the share premium be distributed?  One possibility would appear to be to turn the share premium into shares which the company would then purchase, but is there a more straightforward procedure?

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You can't distribute share

johnt27 |