Result of General Meeting & Completion of Disposal

RNS Number : 5317R

RedstoneConnect PLC

15 June 2018

 

THIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OF ITS TERRITORIES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

15 June 2018

RedstoneConnect Plc

("RedstoneConnect" or the "Company")

Result of General Meeting

&

Completion of Disposal

RedstoneConnect (AIM: REDS) is pleased to announce that, at the General Meeting held earlier today in relation to the proposed disposal of Comunica Holdings Limited and Commensus Limited (which together comprise the Company's Systems Integration and Managed Services divisions) to Excel I.T Services Limited (the "Disposal"), the resolution was duly passed.  

Following the General Meeting, the first condition under the Share Purchase Agreement has been satisfied and, subject to the remaining terms and conditions of the Share Purchase Agreement being satisfied, completion of the Disposal will occur on Monday, 18 June 2018.

Frank Beechinor, Chairman of RedstoneConnect, commented:

"Completion of the Disposal will mark the culmination of RedstoneConnect's transformation into a software company. Going forward, our sole focus will be on the continued growth of our higher value SaaS products and to capitalise on the increasing global demand for smart workspace management solutions.

Through further investment in sales, marketing and the development of our suite of applications, as well as seeking complementary acquisition opportunities, we believe we can evolve into a leading international workspace management software company with high margin licence-based revenues, delivering long-term shareholder value."

Further details of the Disposal are set out in the circular to shareholders dated 29 May 2018.

Enquiries

RedstoneConnect Plc Frank Beechinor (Chairman) Spencer Dredge (CFO)	via Vigo Communications
Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker) Marc Milmo / Catherine Leftley	[phone]
Whitman Howard Limited (Joint Broker) Nick Lovering	[phone]
Vigo Communications (Financial Public Relations) Jeremy Garcia / Antonia Pollock / Ben Simons [e-mail]	[phone]

 

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