![](/cdn/assets/images/search/clock.png)
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 : 8021J
RM2 International SA
30 June 2017
30 June 2017
RM2 International S.A.
Subscription for US$20 million Convertible Preferred Shares
RM2, the sustainable composite pallet innovator, is pleased to announce that it has received commitments to subscribe for $20 million of newly issued Class B convertible preferred shares ("Convertible Preferred Shares"), of which $2.5m will be issued to its Chairman, R. Ian Molson, $1 million to Verlinvest S.A. and $6 million to Woodford Investment Management LLP ("WIM") and the balance to new and existing investors.
Of the total 92,487,729 Convertible Preferred Shares to be issued, 4,591,743 Class B Convertible Preferred Shares were issued at GBP0.35 per share on June 22, 2017 (the "June 22 Tranche") and an initial tranche of 41,580,215 Convertible Preferred Shares are being issued now at a price of GBP0.16125 pursuant to the previously announced authorisation granted to the Company by shareholders at the Company's general meeting held on February 20, 2017 (the "June 30 Tranche"). Shareholder authorisation will be sought at a general meeting to be scheduled on July 17, 2017 with respect to the issue of the remaining Convertible Preferred Shares, which are to be priced at GBP0.16125 (the "EGM"). The June 22 Tranche and the June 30 Tranche together represent $11.1m of the total $20m subscription (the "June Subscriptions").
Following the June Subscriptions, RM2's issued share capital is composed of 401,062,656 Ordinary Shares of USD 0.01 each and an aggregate of 88,500,000 Convertible Preferred Shares of USD 0.01 each in the capital of the Company, of which 397,334 Ordinary Shares are held as non-voting treasury stock. The total number of voting rights in the Company following the issue of the June Subscriptions is therefore 489,562,656. Assuming approval is granted at the EGM for the issue of the balance of the Convertible Preferred Shares, the total voting rights in the Company following the issue of the balance of the Convertible Preferred Shares will be 535,481,093.
WIM's full subscription for 29,298,663 Convertible Preferred Shares at a price of GBP0.16125 is, subject to shareholder approval, to be completed as part of the latter tranche following the AGM and therefore WIM's holding in the Company pursuant to the June Subscriptions remains unchanged. Therefore following the June Subscriptions, WIM will hold a total of 112,754,011 ordinary shares in the Company representing 34.4 per cent. of the Company's issued share capital and 71,626,705 Convertible Preferred Shares in the capital of the Company. Subject to approval at the EGM, WIM's full subscription is expected to be made following the EGM authorization. Of the June 30 Tranche Tranche, R. Ian Molson is expected to subscribe for 8,662,545 Convertible Preferred Shares today at GBP0.1625 and a balance of 3,545,231 Convertible Preferred Shares assuming shareholder authorisation is granted at the EGM.
The issue of shares to WIM is deemed to be related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors for the purposes of the issuance of the convertible preferred shares, being all the directors, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, consider that the terms of the issuance of the convertible preferred shares are fair and reasonable insofar as the Company's shareholders are concerned.
The Company can confirm that its Annual Report for the year ended 31 December 2016 has been posted to shareholders.
For further information, please contact:
+44 (0)20 7638 RM2 International S.A. 9571 Jasper Judd, Chief Executive Officer Jean-Francois Blouvac, Chief Financial Officer Strand Hanson Limited (Nominated +44 (0) 20 7409 Adviser) 3494 James Spinney Ritchie Balmer James Bellman +44 (0)20 7614 Arden Partners 5928 Ruari McGirr Chris Hardie +44 (0)20 3829 Zeus 5000 John Goold +44 (0)20 7638 Citigate Dewe Rogerson 9571 Simon Rigby Ellen Wilton Elizabeth Kittle
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
MSCEBLFXDQFBBBD
(END) Dow Jones Newswires
June 30, 2017 11:10 ET (15:10 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