28 Mar 2019 15:51
28 March 2019
RM2 International S.A.
("RM2" or the "Company")
Trading Update and TVR Update
Following the success of a rigorous pilot phase, RM2 International S.A. ("RM2" or the "Company") is pleased to announce an expanded agreement with one of the top five logistics companies in the world. The RM2 ELIoT smart pallets will be used to transport, track, and trace sensitive pharmaceutical products as they move downstream to the world's largest retailer.
RM2's CEO, Kevin Mazula commented, "This deployment is especially encouraging as it supports world leaders in pharmaceuticals, logistics, and retail in their journey to digitalize their supply chains. We are excited to be accelerating our deployments of smart pallets into three major distribution centers, starting with an initial 150,000 annual pallet movements. Our sophisticated tracking and sensing devices capture invaluable data on movement, temperature and shocks as pallets loaded with these sensitive pharmaceutical products move through the supply chain. Our technology is valued because it is providing end-to-end visibility of shipments, certainty of delivery and cost savings."
RM2 is also pleased to announce that it is making significant progress with other industry leaders. Satisfied customers in the food preparation sector (where pallet hygiene is of the utmost importance) have recommended RM2 to their suppliers, leading to abbreviated sales cycles and the rapid signature of new customers.
The Company is completing the final stages of streamlining its expenses, resulting in a significant decrease in SG&A. In addition, the Company is currently in discussions with sources of debt financing. Taking into account its current cash resources (approximately US$7.5 million at the end of March 2019) and revenues, the Company believes that its resources are sufficient to transition to debt funding of pallet production.
Increase in Treasury Shares and Total Voting Rights
Separately, the Company announces that subsequent to the forfeiture due to departure prior to vesting of restricted shares, the number of treasury shares now stands at 139,500 Ordinary Shares.
The Company's issued share capital is comprised of 39,460,471 Ordinary Shares, of which 139,500 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 24,032,974. Shareholders may use this figure of 24,032,974 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
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
|
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 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