Completion of operational restructuring

RNS Number : 4880H

RedstoneConnect PLC

18 August 2016

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014

18 August 2016

RedstoneConnect Plc

("RedstoneConnect" or the "Company")

Completion of operational restructuring

RedstoneConnect (AIM: REDS), a leading provider of technology and services for smart buildings and commercial spaces, announces the completion of its operational restructuring with the successful early exit of the lease (not due to expire until September 2018) over 20,761 square feet of surplus office space in Stokenchurch, Buckinghamshire.

With the disposal of the Company's Telephony Services division in May 2015, the disposal of the Media Division in December 2015 and the exit of the Brentwood office lease in September 2015, the exit of the Stokenchurch office lease now completes the operational restructuring. This enables RedstoneConnect to focus entirely on its core strategy of providing technology and services for smart buildings and commercial spaces.

Mark Braund, CEO of RedstoneConnect, commented:

"Having already provided in our last accounts for 75% of the Stokenchurch office space through to completion of the lease in September 2018, to exit this commitment early is a positive development for the Company. Not only does it remove the cash drain associated with this lease, it also allows us to focus entirely on our profitable RedstoneConnect business, unencumbered by legacy issues."

Enquiries

RedstoneConnect Plc Mark Braund (CEO) Spencer Dredge (CFO)	[phone]
Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker) Karri Vuori / Adam James / James Greenwood	[phone]
Whitman Howard Limited (Joint Broker) Nick Lovering	[phone]
Vigo Communications (Financial Public Relations) Jeremy Garcia / Ben Simons / Antonia Pollock [e-mail]	[phone]

About RedstoneConnect Plc

RedstoneConnect is focused on technologies that make real estate more efficient and businesses more effective. Its businesses, Redstone and Connect IB, 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.

 

END

 

 

UPDGGUPURUPQGRM