Restitution Scheme Update

RNS Number : 7086V

Redcentric PLC

11 August 2020

 

Redcentric plc

Restitution Scheme Update

Redcentric plc (AIM: RCN) ("Redcentric" or the "Company"), a leading UK IT managed services provider, announces that since the Administrator began processing claims following the passing of the Resolutions at the Company's General Meeting on 13 July 2020, it has made the following Restitution Payments pursuant to the Scheme announced by the Company on 26 June 2020.

Number of Net Relevant Share Purchases the subject of Restitution Payments:	5,380,138
Number of Ordinary Shares allotted:	0
Cash payments:	£912,471.40

Following the Restitution Payments set out above, the total number of Net Relevant Share Purchases the subject of Restitution Payments is 5,380,138 and the aggregate Restitution Payments made to date pursuant to the Scheme are 0 Ordinary Shares allotted and £912,471.40 in cash payments.

As previously announced at the time of the announcement of the Scheme, the Company had entered into a Settlement Deed with Harwood Capital whereby funds managed by it agreed to waive all their claims against the Company in exchange for the issue of 308,000 Ordinary Shares, in the same manner as if they had participated in the Scheme and elected to receive their entitlement wholly in Ordinary Shares. The Ordinary Shares issued to Harwood Capital under the terms of the Settlement Agreement were admitted to trading on AIM on 14 July 2020.

Defined terms used in this announcement have the meanings ascribed to them in the circular to shareholders dated 26 June 2020 unless otherwise defined.

Enquiries:

Redcentric plc Peter Brotherton, Chief Executive Officer David Senior, Chief Financial Officer	[phone]
finnCap Ltd - Nomad and Sole Broker Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance) Andrew Burdis / Sunila de Silva (ECM)	[phone]

 

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