28th Jan 2015 16:44
LONDON (Alliance News) - Resource Holdings Management Ltd Wednesday announced an internal restructuring of its corporate group structure.
The company said it has established RHM Ltd, which is incorporated in the Cayman Islands and is a new 100% owned direct subsidiary of the company. It said it has subsequently transferred its entire holding in its 100% owned subsidiary, RedHot Media International Ltd, from Resource Holding Management to RHM Ltd.
"The board believes that the restructuring will give Resource Holding Management increased corporate options and flexibility for possible future corporate activity," the company said in a statement.
The company said it beleives there will be no tax implications for the company resulting from the restructuring, nor any immediate changes in the day-to-day operations of the business.
"The board further believes that the restructuring will not have an effect on Resource Holding Management's consolidated financial results for the year ended 31 December 2015, nor any effect on the company's ability to potentially pay dividends," the company said.
Yet, Resource shares closed down 14.6% at 10.25 pence Wednesday following the announcement.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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