Business
Publication of Circular and Notice of General M...
Publication of Circular and Notice of General M....
About this update from Rm Plc
[{"type":"text","content":"\n \n\n\nRM plc (RM.)\n\n\n\nRM plc: Publication of Circular and Notice of General Meeting31-March-2023 / 12:07 GMT/BST\n\n\n31 March 2023\n\nRM plc\n\nProposed sale of the RM Integris and Finance Business\n\nPublication of Circular and Notice of General Meeting\n\nFurther to the announcement made on 28 November 2022 in relation to the proposed sale (the “Sale”) of RM Integris and RM Finance Business and related assets of its principal trading subsidiary, RM Education Limited (\"RMEL\"), (the \"RM Integris and RM Finance Business\") to The Key Support Services Limited (\"The Key\"), RM plc, (LSE: RM) (\"RM\" or the \"Company”) will today, having received FCA approval, publish a circular for its Shareholders (the \"Circular\") together with a form of proxy.\n\nThe Sale is conditional, amongst other things, on the approval of RM’s Shareholders. Accordingly, the Circular contains a notice convening a general meeting of the Company which is to be held at 10.30 a.m. on 19 April 2023 (the \"General Meeting\") at which an ordinary resolution (the \"Resolution\") will be proposed for RM’s Shareholders to approve the Sale (the \"Notice of General Meeting\"). \n\nThe Company urges Shareholders to read the Circular once published carefully as it contains important information in relation to the Sale. Any vote in respect of the Resolution should be made only on the basis of the information contained within the Circular.\n\nRecap of highlights:\n\nSale of the RM Integris and RM Finance Business to The Key for a consideration of up to £16.0 million in cash.\n Initial consideration of £12.0 million in cash will be paid on completion, adjusted to reflect the normalised working capital position of the RM Integris and RM Finance Business.\n The remaining consideration will be paid in cash subject to the satisfaction of certain conditions, including those relating to competition clearance.\n The net proceeds of the Sale will be used to reduce Group indebtedness.\n The Sale executes against the previously outlined strategy to restructure the RM Technology Division and to refocus its strategy on its core Managed Services business.\nThe Board considers the Sale (and the Resolution necessary to implement the Sale) to be in the best interests of RM and its Shareholders as a whole. Accordingly, the Board unanimously recommends that Shareholde...