Business
First Day of Dealings and Admission to AIM
First Day of Dealings and Admission to AIM.
About this update from Redcentric Plc
[{"type":"text","content":"\n \nRNS Number : 0592D Redcentric PLC 24 April 2013 \n \n\nRedcentric plc\n(\"Redcentric\" or the \"Company\")\nFirst Day of Dealings and Admission to Trading on AIM\nRedcentric plc (AIM: RCN), a leading mid-market Network-Based Managed Services ICT business, announces the commencement, at 08.00 UK time this morning, of dealings in its Ordinary Shares on AIM, a market operated by the London Stock Exchange plc.\nHighlights:\n· Redcentric comprises the demerged Managed Services businesses of the Redstone Group.\n· The total number of Ordinary Shares in issue at Admission is 62,368,247. finnCap Limited acts as Nominated Adviser and Broker to the Company. Redcentric's trading symbol is RCN and the Company's ISIN code is GB00B7TW1V39.\nThe Directors believe the key strengths of the Redcentric Group are:\n· the quality and breadth of its Network-Based Managed Services;\n· its client base; \n· the proprietary network assets that underpin its service offering creating a genuine end-to end client service proposition;\n· an enhanced onshore and offshore 24 hour/365 day support function to underpin service level agreements;\n· recurring annuity revenues expected to be in excess of 65 per cent. of total revenues in the year to 31 March 2014;\n· a targeted EBITDA margin of 20 per cent. per annum before central costs; \n· it is well positioned to benefit from opportunities for further organic and acquisitive growth due to the fragmented nature of the sector; and\n· its strong cash generation, which will support a progressive dividend policy in due course.\nAs one of the largest mid-market independent Managed Services providers the Redcentric Group is well placed to benefit from sector consolidation and the Board is committed to maximising value for Shareholders. \n \nRichard Ramsay, Chairman of Redcentric commented,\n\"The Admission of Redcentric to AIM is the...