25 Sep 2019 15:34
25 September 2019
RM2 International S.A.("RM2" or the "Company")
Accounts publication timetable and Board changes
As previously announced, RM2 is in the process of seeking near-term funding in order facilitate completion of the second tranche of the placing announced on 23 July 2019 (the "Second Tranche Placing") and fund its ongoing operations. Discussions with potential providers of finance have advanced and the Company is currently evaluating its alternatives in this regard. Whilst reaching this stage has taken longer than the Company anticipated, and despite there being no guarantee that the Company will reach agreement with any one potential provider, the Board of the Company believes this near-term funding will be successfully concluded during Q4 2019.
Pending confirmation of this near-term funding, the Company and its auditors have not yet been able to finalise the audit of its annual financial statements for the year ended 31 December 2018 ("2018 AFS"). The Company now anticipates that the 2018 AFS will be published in Q4 2019, with the unaudited financial statements for the six-month period ended 30 June 2019 to follow shortly thereafter ("2019 IFS"). Consequently, in accordance with Rules 18 and 19 of the AIM Rules for Companies ("AIM Rules"), the Company's ordinary shares will continue to remain temporarily suspended from trading on AIM until the Company is in compliance with both AIM Rules 18 and 19. Suspension will therefore continue until both the 2018 AFS and the 2019 IFS have been published.
The Company's cash balance at the end of August 2019 was $1.5 million, including the second $1 million installment of the first tranche of the placing announced on 23 July 2019 ("First Tranche Placing"). As previously announced, pending this near-term funding being secured, the Company has implemented certain cash conservation measures. The third $1 million instalment of the First Tranche Placing is on schedule to complete on 30 September 2019 and be received by the Company on or around the same day.
As previously announced, completion of the Second Tranche Placing is also contingent on the Company having entered into contracts for, in aggregate, at least 150,000 pallets by 30 September 2019 - the Company satisfied this condition in July 2019.
The Company also announces today that Paul Walsh will be stepping down as a non-executive director of the Company for personal reasons, effective 30 September 2019. It is expected that Frances Cashin Hodler, the daughter of the Company's current majority shareholder Richard Cashin, will be co-opted to the Board, subject to completion of the necessary due diligence by the Company's Nominated Adviser, to fill the vacancy created by the resignation of Paul Walsh.
Further announcements will be made at the appropriate time. Notwithstanding the suspension of trading in the ordinary shares, the Company will continue to make announcements as and when there are any developments that require disclosure under the AIM Rules.
For further information:
RM2 International S.A. | +352 2744 9653 |
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 |
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 ("MAR").
Notes to Editors
RM2 International S.A. specialises in smart 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.