Notice of Annual General Meeting

Notice of Annual General Meeting

RedstoneConnect plc

(“RedstoneConnect” or the “Company”)

Proposed 1:100 share consolidation and capital reduction

RedstoneConnect (AIM: REDS), a leading provider of technology and services for smart buildings and commercial spaces, announces that it has today distributed to shareholders its Notice of Annual General Meeting (the “Notice”).

The Company’s Annual General Meeting (“AGM”) will be held at 11 a.m. on 5 June 2017 at the offices of RedstoneConnect, 40 Holborn Viaduct, London EC1N 2PB.

Proposed Share Consolidation and Capital Reduction

On 9 May 2017, the Company announced its plans to seek shareholder approval to undertake a share consolidation based on every 100 existing ordinary shares of 0.1p each (“Existing Ordinary Share”) being consolidated into one new ordinary share of 10p each (“New Ordinary Share”). In addition the Company announced its plans to seek shareholder approval to effect a capital reduction.

Contained within the Notice are further details of proposals for a 1:100 consolidation of share capital (“Share Consolidation”) as well as details of proposals for a capital reduction (“Capital Reduction”).

As at 12 May 2017, the Company had 2,078,479,485 ordinary share of 0.1p each in issue. Following the proposed Share Consolidation the Company will have 20,784,795 ordinary shares of 10p each in issue. The record date of the Share Consolidation is scheduled for 5 June 2017 with trading in the consolidated shares under the ISIN GB00BYWN0F98 expected to begin on AIM at 8 a.m. on 6 June 2017, the next business day following the AGM.

As all existing ordinary shareholdings in the Company are proposed to be consolidated, the proportion of the issued ordinary share capital of the Company held by each shareholder immediately before and after the Share Consolidation will, save for fractional entitlements and those holding fewer than 100 Existing Ordinary Shares, remain relatively unchanged.

Unless a shareholding is exactly divisible by 100, shareholders will be left with a fractional entitlement to the resulting New Ordinary Shares assuming the Share Consolidation is approved by shareholders at the AGM. Any fractions arising as a result of the consolidation will be aggregated and sold in the market on shareholders’ behalf and, the directors have so determined that where the amount of the proceeds owed in respect of any single shareholding is £3.00 or more, the net proceeds of the sale (after costs) will be returned to shareholders in proportion to their fractional entitlement. Proceeds of less than £3.00 will be retained by the Company and given to charity.


Further details regarding the proposed Share Consolidation and Capital Reduction can be found here 


Full RNS can be read here