RedstoneConnect PLC Notice of AGM (9876E)

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        [phone] 
  Leftley/Callum Butterfield               7000 
 Whitman Howard Limited (Joint Broker)    [phone] 
  Nick Lovering                            1234 
 Vigo Communications (Financial 
  Public Relations) 
  Jeremy Garcia / Ben Simons / Antonia 
  Pollock                                 [phone] 
  [e-mail]                       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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May 12, 2017 04:30 ET (08:30 GMT)