We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rm2 International S.a. | LSE:RM2 | London | Ordinary Share | LU1914372336 | ORD USD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRM2
RNS Number : 0578Y
RM2 International SA
01 December 2017
1 December 2017
RM2 International S.A.
Update on Trading and Financial Position
RM2 International S.A. ("RM2" or the "Company"), the sustainable pallet innovator, provides the following update.
On 27 September 2017, the Company stated it intended to confirm, subject to securing the necessary funding, a 12-month production forecast for its Chinese contract manufacturing partner, Zhenshi, by the end of November 2017. The Company today announces that it has not yet been able to secure the necessary funding to confirm this forecast.
The Board remains confident of the Company's ability to obtain funding upon receipt of purchase orders for ELIoT-enabled smart pallets. This follows positive feedback received from trials undertaken by a number of potential customers in North America over the last few months and discussions with several Fortune 500 customers who have expressed an interest in the pallets.
ELIoT-enabled smart pallets contain an integrated device that allows pallets to be accurately tracked and traced, thereby significantly improving efficiency and security in the supply chain. Production forecasts for ELIoT-enabled pallets, including production in China and Mexico, would be confirmed following the signature of such contracts with customers.
Financial Position Update
The Company's unrestricted cash position at 31 October 2017 was $9.4 million. After SG&A, one-time costs and production expenses in November, the Company expects its cash balance at the end of November to be approximately $6 million. The Company's monthly cash burn rate, excluding production costs and one-time costs, remains at approximately $1.4 million.
Taking into account production costs and known one-time costs, the Company expects to have sufficient cash to continue operating through January 2018. The Company continues to advance its discussions with potential funding partners and will provide further updates as and when appropriate.
The Company remains committed to further reducing its overheads and continues its efforts to monetise, to the extent possible, certain historical assets.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information:
+44 (0)20 7638 RM2 International S.A. 9571 Kevin Mazula, Chief Executive Officer Jean-Francois Blouvac, Chief Financial Officer Strand Hanson Limited (Nominated +44 (0)20 7409 & Financial Adviser and Broker) 3494 James Spinney Ritchie Balmer James Bellman +44 (0)20 7638 Citigate Dewe Rogerson 9571 Simon Rigby Ellen Wilton
Notes to Editors
RM2 International S.A. specialises in pallet development, manufacture, supply and management to establish a leading presence in global pallet supply and improve the supply chain of manufacturing and distribution businesses through the effective and efficient use and management of composite pallets. It is quoted on the AIM market of the London Stock Exchange under the symbol RM2.L. For further information, please visit www.rm2.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTBMBRTMBJJBMR
(END) Dow Jones Newswires
December 01, 2017 02:01 ET (07:01 GMT)
1 Year Rm2 Chart |
1 Month Rm2 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions