RA International Group PLC Capital Reduction -- Court Approval (3686X)
December 20 2023 - 1:00AM
UK Regulatory
TIDMRAI
RNS Number : 3686X
RA International Group PLC
20 December 2023
20 December 2023
RA INTERNATIONAL GROUP PLC
("RA International", "RA" or the "Company")
Capital Reduction - Court Approval
RA International Group PLC (AIM: RAI), a specialist provider of
complex and integrated remote site services to organisations
globally, is pleased to announce that further to the announcement
on 2 November 2023 detailing the Company's proposal to reduce its
capital by the cancellation of its share premium account in order
to create distributable reserves (the "Capital Reduction ") , the
High Court of England and Wales has made an order confirming the
reduction of the amount standing to the credit of the Company's
share premium account by an amount of USD 18,253,608 under section
648 of the Companies Act 2006.
The Capital Reduction was approved by shareholders at a General
Meeting held on 22 November 2023. The order of the Court will be
delivered to the Registrar of Companies and, accordingly, will take
effect on registration of the court order by the Registrar of
Companies, which is expected to occur over the next few days
(subject to processing times at Companies House over the Christmas
period).
The Capital Reduction itself will not involve any distribution
or repayment of capital or share premium by the Company and will
not reduce the underlying net assets of the Company. Pursuant to
Part 23 of the Companies Act 2006, the distributable reserves
arising on the Capital Reduction will support the Company's ability
to undertake share buy-backs or pay dividends, should circumstances
in the future make it desirable to do so.
The information communicated in this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
Enquiries:
RA International Group plc Via Strand Hanson
Sangita Shah, Chair
Soraya Narfeldt, Chief Executive Officer
Strand Hanson Limited (Nominated & Financial
Adviser and Broker) +44 (0) 20 7409
Ritchie Balmer / James Spinney / David Asquith 3494
About RA International
RA International is a leading provider of services to remote
locations. The Company offers its services through three channels:
construction, integrated facilities management and supply chain,
and services two main client groups: humanitarian and aid agencies
and western government organisations focusing on overseas projects.
It has a strong customer base, largely comprising UN agencies, UK
and US government departments and global corporations.
The Company provides comprehensive, flexible, mission critical
support to its clients enabling them to focus on the delivery of
their respective businesses and services. Focusing on integrity and
values alongside making on-going investment in its people,
locations and operations has over time created a reliable and
trusted brand within its sector.
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