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Result of Open Offer

15th Jun 2018 13:09

RNS Number : 5866R
RM2 International SA
15 June 2018
 

15 June 2018

 

RM2 International S.A.

 

Result of Open Offer

RM2 International S.A. ("RM2" or the "Company"), the sustainable smart pallet innovator, is pleased to announce the results of the Open Offer launched and announced on 21 May 2018, which closed for acceptances at 11.00 a.m. on 5 June 2018. Valid applications have been received in respect of 142,862,073 new ordinary shares of USD0.01 in the Company ("Ordinary Shares"), representing approximately one-third of new Ordinary Shares available under the Open Offer and raising gross proceeds of approximately £1.43m. 63,256,682 new Ordinary Shares were applied for under Qualifying Shareholders' Basic Entitlements and applications were received in respect of 79,605,391 new Ordinary Shares under the Excess Application Facility.

Admission to Trading on AIM and Total Voting Rights

Application has been made for 142,862,073 new Ordinary Shares, issued via the Open Offer, to be admitted to trading on AIM ("Admission"). It is expected that Admission and commencement of dealings in these new Ordinary Shares will occur at 8.00 a.m. on 18 June 2018. Following Admission, the Company's issued share capital is comprised of 5,001,781,964 Ordinary Shares, of which 2,916,334 Ordinary Shares are held by the Company as non-voting treasury stock ("Treasury Shares").

The total number of voting rights in the Company is calculated as the number of outstanding Ordinary Shares, less the Treasury Shares, less the Ordinary Shares not able to be voted on due to restrictions applicable to certain holders as specified in the Company's Articles of Association, which results in a total voting rights figure of 3,434,380,332. Shareholders may use this figure of 3,434,380,332 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change of their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Kevin Mazula, CEO of RM2 International S.A., commented:

"We are pleased with the strong response we have seen from our wider shareholder base following the launch of our open offer and view this as a vote of confidence in the Company. ELIoT smart pallets bring transformational changes to our customers' supply chains and are the principal focus of our resources. And we continue to reduce non value-add spending. Our plan, properly funded and executed, is expected to allow us to achieve positive EBITDA in 2019."

 

Unless defined above, capitalised terms are as per the Definitions section at the end of the Company's announcement titled "Launch of Open Offer" of 21 May 2018.

 

For further information:

 

RM2 International S.A.

+44 (0)20 7638 9571

Kevin Mazula, Chief Executive Officer

Jean-Francois Blouvac, Chief Financial Officer

Strand Hanson Limited (Nominated & Financial Adviser and Broker)

+44 (0)20 7409 3494

James Spinney / Ritchie Balmer / James Bellman

 

Citigate Dewe Rogerson (Financial PR)

+44 (0)20 7638 9571

Simon Rigby / Ellen Wilton

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

Notes to Editors

 

RM2 International S.A. specialises in pallet development, manufacture, supply and management to establish a leading presence in global pallet supply and improve the supply chain of manufacturing and distribution businesses through the effective and efficient use and management of composite pallets. It is quoted on the AIM market of the London Stock Exchange under the symbol RM2.L. For further information, please visit www.rm2.com 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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