Armani firm seeks to cut share fund

A Dublin-based finance company within the Giorgio Armani group has applied to the Commercial Court to reduce its share premium account by €522m so as to distribute profits to shareholders in the future.

The application will not affect the solvency of either the company or the wider Armani group, Mr Justice Peter Kelly was told.

The group had net assets of €1.3bn and net profits of €180m in the year ending Dec 2011 and there was no material change in that position since, it was stated.