RedstoneConnect PLC Notice of AGM (9876E)
May 12 2017 - 3:30AM
UK Regulatory
TIDMREDS
RNS Number : 9876E
RedstoneConnect PLC
12 May 2017
RedstoneConnect plc
("RedstoneConnect" or the "Company")
Notice of Annual General Meeting
Proposed 1:100 share consolidation and capital reduction
RedstoneConnect (AIM: REDS), a leading provider of technology
and services for smart buildings and commercial spaces, announces
that it has today distributed to shareholders its Notice of Annual
General Meeting (the "Notice").
The Company's Annual General Meeting ("AGM") will be held at 11
a.m. on 5 June 2017 at the offices of RedstoneConnect, 40 Holborn
Viaduct, London EC1N 2PB.
Proposed Share Consolidation and Capital Reduction
On 9 May 2017, the Company announced its plans to seek
shareholder approval to undertake a share consolidation based on
every 100 existing ordinary shares of 0.1p each ("Existing Ordinary
Share") being consolidated into one new ordinary share of 10p each
("New Ordinary Share"). In addition the Company announced its plans
to seek shareholder approval to effect a capital reduction.
Contained within the Notice are further details of proposals for
a 1:100 consolidation of share capital ("Share Consolidation") as
well as details of proposals for a capital reduction ("Capital
Reduction").
As at 12 May 2017, the Company had 2,078,479,485 ordinary share
of 0.1p each in issue. Following the proposed Share Consolidation
the Company will have 20,784,795 ordinary shares of 10p each in
issue. The record date of the Share Consolidation is scheduled for
5 June 2017 with trading in the consolidated shares under the ISIN
GB00BYWN0F98 expected to begin on AIM at 8 a.m. on 6 June 2017, the
next business day following the AGM.
As all existing ordinary shareholdings in the Company are
proposed to be consolidated, the proportion of the issued ordinary
share capital of the Company held by each shareholder immediately
before and after the Share Consolidation will, save for fractional
entitlements and those holding fewer than 100 Existing Ordinary
Shares, remain relatively unchanged.
Unless a shareholding is exactly divisible by 100, shareholders
will be left with a fractional entitlement to the resulting New
Ordinary Shares assuming the Share Consolidation is approved by
shareholders at the AGM. Any fractions arising as a result of the
consolidation will be aggregated and sold in the market on
shareholders' behalf and, the directors have so determined that
where the amount of the proceeds owed in respect of any single
shareholding is GBP3.00 or more, the net proceeds of the sale
(after costs) will be returned to shareholders in proportion to
their fractional entitlement. Proceeds of less than GBP3.00 will be
retained by the Company and given to charity.
Further details regarding the proposed Share Consolidation and
Capital Reduction can be found in the Notice made available to
shareholders today, available at www.redstoneconnectplc.com.
Enquiries:
RedstoneConnect Plc via Vigo Communications
Mark Braund (CEO)
Spencer Dredge (CFO)
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker)
Marc Milmo/Phil Davies/Catherine +44 (0)20 7894
Leftley/Callum Butterfield 7000
Whitman Howard Limited (Joint Broker) +44 (0)207 659
Nick Lovering 1234
Vigo Communications (Financial
Public Relations)
Jeremy Garcia / Ben Simons / Antonia
Pollock +44 (0)20 7830
reds@vigocomms.com 9700
Timetable of Events
Annual General Meeting 11 a.m. on 5 June
Share Consolidation Record Date Close of business
on 5 June
Existing Ordinary Shares disabled 5 p.m. on 5 June
in CREST and share register closed
Admission effective and dealings 8 a.m. on 6 June
commence on AIM in New Ordinary
Shares
CREST accounts credited with New 8 a.m. on 6 June
Ordinary Shares
Capital Reduction Record Date 6 p.m. on 27 June
New share certificates despatched 27 June
on or before
Court hearing of application to 28 June
confirm the Reduction of Capital
Effective Date of the Reduction 28 June
of Capital
About RedstoneConnect
RedstoneConnect is focused on technologies that make real estate
more efficient and businesses more effective. Its businesses,
Redstone, Connect IB, Commensus and Anders + Kern provide the
infrastructure capabilities and the software applications to
deliver smart building and smart workspace solutions for commercial
businesses, public sector organisations, real estate owners and
managers. Visit our website at www.redstoneconnectplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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