Business
Capital Reduction Result of General Meeting
Redcentric plc has announced the successful passing of a special resolution at its General Meeting to cancel its share premium account, a capital reduction expected to create capacity for further shareholder returns while supporting the Group's growth strategy. This follows the recent sale of its data centre business for approximately £122.85 million, with plans for an equity Tender Offer at 160 pence per share to return over £90 million to shareholders, subject to approval. The capital reduction is contingent on High Court confirmation, anticipated in the week commencing 29 June 2026, with settlement for the Tender Offer expected in July 2026. Disclaimer*
About this update from Redcentric Plc
13 May 2026 Redcentric plc ('Redcentric', the 'Company' or the 'Group') Capital Reduction Result of General Meeting Redcentric plc (AIM: RCN), a leading UK IT managed services provider, is pleased to announce that at the General Meeting held earlier today in Harrogate, the special resolution put to shareholders regarding the proposed cancellation of the Company's share premium account (the 'Capital Reduction') and voted on by a poll, was duly passed. The results of the poll are reported below. Resolution Votes for2 % 3 Votes against % 3 Votes Cast Total % of Issued Share Capital4 Resolution 11 137,765,791 99.99% 8,946 0.01% 137,774,737 86.48% The Capital Reduction will create additional capacity to deliver further returns to shareholders while maintaining a strong balance sheet to support the Group's ongoing growth strategy in the Managed Services sector. On 1 May 2026, the Company announced that it had successfully completed the sale of its entire data centre business, Redcentric Data Centres Limited, to Stellanor Datacenters Group Limited for an estimated £122.85 million. As previously announced, this transaction marked a pivotal milestone for the Group, enabling a substantial return of capital to shareholders which the Board intends to achieve via an equity Tender Offer at a price of 160 pence per share. The Tender Offer is expected to return in excess of £90 million to shareholders and will be subject to shareholder approval. A Circular containing full details of the Tender Offer, confirming the proposed price per share, amount payable and timetable, is expected to be published in June 2026, with settlement anticipated in July 2026. The Capital Reduction is conditional upon the subsequent confirmation by the High Court of England and Wales of the cancellation. The expected date for the Court hearing to confirm the Capital Reduction and for its completion is the week commencing 29 June 2026. A further announcement will be made in due course following the conclusion of the Capital Reduction. Notes: 1 Resolution 1: That the share premium account of the Company be cancelled in order to create additional distributable reserves. A Special Resolution. 2 Any proxy appointments which gave discretion to the Chairman have been included in the "for" total. ...