RedstoneConnect PLC Result of General Meeting & Completion of Disposal (5317R)
June 15 2018 - 4:51AM
UK Regulatory
TIDMREDS
RNS Number : 5317R
RedstoneConnect PLC
15 June 2018
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15 June 2018
RedstoneConnect Plc
("RedstoneConnect" or the "Company")
Result of General Meeting
&
Completion of Disposal
RedstoneConnect (AIM: REDS) is pleased to announce that, at the
General Meeting held earlier today in relation to the proposed
disposal of Comunica Holdings Limited and Commensus Limited (which
together comprise the Company's Systems Integration and Managed
Services divisions) to Excel I.T Services Limited (the "Disposal"),
the resolution was duly passed.
Following the General Meeting, the first condition under the
Share Purchase Agreement has been satisfied and, subject to the
remaining terms and conditions of the Share Purchase Agreement
being satisfied, completion of the Disposal will occur on Monday,
18 June 2018.
Frank Beechinor, Chairman of RedstoneConnect, commented:
"Completion of the Disposal will mark the culmination of
RedstoneConnect's transformation into a software company. Going
forward, our sole focus will be on the continued growth of our
higher value SaaS products and to capitalise on the increasing
global demand for smart workspace management solutions.
Through further investment in sales, marketing and the
development of our suite of applications, as well as seeking
complementary acquisition opportunities, we believe we can evolve
into a leading international workspace management software company
with high margin licence-based revenues, delivering long-term
shareholder value."
Further details of the Disposal are set out in the circular to
shareholders dated 29 May 2018.
Enquiries
RedstoneConnect Plc via Vigo Communications
Frank Beechinor (Chairman)
Spencer Dredge (CFO)
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker) +44 (0)20 7894
Marc Milmo / Catherine Leftley 7000
Whitman Howard Limited (Joint Broker) +44 (0)207 659
Nick Lovering 1234
Vigo Communications (Financial
Public Relations)
Jeremy Garcia / Antonia Pollock
/ Ben Simons +44 (0)20 7390
reds@vigocomms.com 0237
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END
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