16 Jan 2020 07:00
16 January 2020
RM2 International S.A.("RM2" or the "Company")
Result of GM, Cancellation & Asset Match appt
RM2 announces that the Resolutions proposed at the General Meeting held yesterday were duly passed by Shareholders.
Accordingly, the cancelation of the admission of the Company's ordinary shares to trading on AIM in accordance with Rule 41 of the AIM Rules for Companies ("Cancellation") is expected to take effect at 7.00 a.m. GMT on Monday 20 January 2020. Until such point, the Ordinary Shares will remain admitted to trading on AIM, albeit trading is currently suspended.
Asset Match appointment
Following the Cancellation, and for so long as the Company continues to remain a going concern, the Company has retained the services of Asset Match to facilitate trading in the Ordinary Shares. Asset Match, a firm authorised and regulated by the Financial Conduct Authority, will operate an electronic off-market dealing facility for the Ordinary Shares. This facility will allow Shareholders to trade their Ordinary Shares on a matched bargain and arm's length basis via periodic auctions. Shareholders will continue to be able to hold their shares in uncertificated form (i.e. in CREST) and should check with their existing stockbroker that they are able trade in unquoted shares.
The matched bargain trading facility operates under its own code of practice which governs the behaviour of participants and the running of the actions. Further information can be found at www.assetmatch.com.
However, Shareholders should note that, following the Cancellation becoming effective, even if such a trading service is put in place, there will be no public market or trading facility on any recognised investment exchange for the Ordinary Shares and, accordingly, the opportunity for Shareholders to realise their investment in the Company will be much more limited and there will be no public valuation of Ordinary Shares held.
Further, whilst Shareholders will still have access to certain information following Cancellation (such as the Company's annual results), Shareholders will no longer be afforded the protections given under the AIM Rules and it will be subject to fewer operational restrictions and less stringent accounting, corporate governance and reporting requirements.
The Company's intention is to have the first auction at the end of January 2020. Details will be posted on the Company's website and on the Company page to be set up on the Asset Match website.
All capitalised terms used herein shall have the same meaning, unless stated or the context requires otherwise, as given to them in the circular dispatched to Shareholders on 18 December 2019.
For further information:
RM2 International S.A. | +352 2744 9653 |
Kevin Mazula, Chief Executive Officer Jean-Francois Blouvac, Chief Financial Officer |
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Strand Hanson Limited (Nominated & Financial Adviser and Broker) | +44 (0) 20 7409 3494 |
James Spinney / Ritchie Balmer / James Bellman |
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Asset Match Limited | +44 (0)20 7248 2788 |
Ben Weaver / Matthew Wilson |
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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.