RCG Holdings Limited Shareholder Action (6791U)

TIDMRCG

RNS Number : 6791U

RCG Holdings Limited

04 December 2013

4 December 2013

RCG Holdings Limited

("RCG" or the "Company" and together with its subsidiaries, the "Group")

APPLICATION BY WAY OF ORIGINATING SUMMONS

By way of an originating summons dated 28 November 2013 issued in the High Court of Hong Kong, Veron International Limited ("Veron"), the Company's 7.86 per cent. shareholder, is applying for leave to bring an action by writ in the names of RCG Holdings Limited and RCG China Holdings Limited (together the "Companies") against the persons who were directors of the Companies at the time investments were made in Vast Base Technology Limited ("Vast Base") and Strong Aim Limited during the period from December 2007 to April 2010.

At a hearing on 2 December 2013, the court granted Veron leave to issue a writ in the names of the Companies against such directors who were directors of the Companies at the time of the first acquisition of shares in Vast Base, on the strict condition that Veron gave an undertaking to the court not to serve the writ without the leave of the court. None of the Company's current directors are involved or named in this action. The Company is taking legal advice on this matter and will make further announcements as and when appropriate.

Enquiries:

RCG Holdings Limited Tel: [phone]

Wang Zhongling, Chief Executive Officer

[e-mail]

   Smith & Williamson Corporate Finance Limited                   Tel: [phone] 

(Nominated adviser and broker)

Dr. Azhic Basirov / David Jones

This information is provided by RNS

The company news service from the London Stock Exchange

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