Capital Reduction – Court Approval
20 December 2023
RA INTERNATIONAL GROUP PLC
("RA International", "RA" or the "Company")
Capital Reduction - Court Approval
RA International Group PLC (AIM: RAI), a specialist provider of complex and integrated remote site services to organisations globally, is pleased to announce that further to the announcement on 2 November 2023 detailing the Company's proposal to reduce its capital by the cancellation of its share premium account in order to create distributable reserves (the "Capital Reduction"), the High Court of England and Wales has made an order confirming the reduction of the amount standing to the credit of the Company's share premium account by an amount of USD 18,253,608 under section 648 of the Companies Act 2006.
The Capital Reduction was approved by shareholders at a General Meeting held on 22 November 2023. The order of the Court will be delivered to the Registrar of Companies and, accordingly, will take effect on registration of the court order by the Registrar of Companies, which is expected to occur over the next few days (subject to processing times at Companies House over the Christmas period).
The Capital Reduction itself will not involve any distribution or repayment of capital or share premium by the Company and will not reduce the underlying net assets of the Company. Pursuant to Part 23 of the Companies Act 2006, the distributable reserves arising on the Capital Reduction will support the Company's ability to undertake share buy-backs or pay dividends, should circumstances in the future make it desirable to do so.
The information communicated in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
Enquiries:
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RA International Group plc Sangita Shah, Chair Soraya Narfeldt, Chief Executive Officer
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Via Strand Hanson |
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Strand Hanson Limited (Nominated & Financial Adviser and Broker) Ritchie Balmer / James Spinney / David Asquith
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+44 (0) 20 7409 3494 |
About RA International
RA International is a leading provider of services to remote locations. The Company offers its services through three channels: construction, integrated facilities management and supply chain, and services two main client groups: humanitarian and aid agencies and western government organisations focusing on overseas projects. It has a strong customer base, largely comprising UN agencies, UK and US government departments and global corporations.
The Company provides comprehensive, flexible, mission critical support to its clients enabling them to focus on the delivery of their respective businesses and services. Focusing on integrity and values alongside making on-going investment in its people, locations and operations has over time created a reliable and trusted brand within its sector.
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