14 Sep 2010 12:44
14 September 2010
REDSTONE PLC
("Redstone", "the Company")
Issue of Equity/ Holdings in Company
Issue of Equity
The Board of Redstone plc (AIM: RED.L), the integrated ICT and Communications Solutions provider, announces that, pursuant to the Subscription Agreement as described in the circular sent to Redstone shareholders on 24 August 2010, MXC Capital Limited, which is controlled by Ian Smith and Tony Weaver, Executive Chairman and CEO of Redstone respectively, have subscribed and paid for 100 million new ordinary shares of 0.1 pence each in the Company ("New Ordinary Shares") at a price of 0.5 pence each. The New Ordinary Shares have been allotted and application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that such Admission will occur on 15 September 2010.
Following Admission, the issued ordinary share capital of the Company will consist of 2,660,572,810 ordinary shares of 0.1 pence each ("Ordinary Shares"), with one voting right per share. There are no shares held in treasury. Following Admission, Ian Smith and Tony Weaver will, as disclosed in the circular, be together interested in 400 million Ordinary Shares, representing 15.03 per cent. of the issued ordinary share capital of the Company.
Holdings in Company
The Board of Redstone was yesterday notified by Eckoh plc ("Eckoh") that Eckoh have sold 120 million Ordinary Shares in the Company.
Eckoh therefore now holds 80 million Ordinary Shares in Redstone, representing approximately 3.12% of the current issued share capital of 2,560,572,810 Ordinary Shares.
ENQUIRIES:
| Redstone plc | Tel. +44 (0)845 203 3903 |
| Peter Hallett, Chief Financial Officer |
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| FinnCap | Tel. +44 (0)20 7600 1658 |
| Geoff Nash, Charlotte Stranner |
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| Threadneedle Communications | Tel. +44 (0)20 7653 9850 |
| Caroline Evans-Jones, Josh Royston, Fiona Conroy |
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