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09 Sep 2010
Redstone is ready to resume its growth strategy after securing shareholder backing for its financial restructure.
The integrator last month revealed it was seeking to raise £8.5m through a fundraising initiative designed to keep it afloat.
The plan was green-lighted by shareholders at an EGM yesterday. An application was then made to the London Stock Exchange for just over 2.4 billion new ordinary shares of 0.1 pence each to be admitted to trading on AIM.
Further reading
The admission was set to occur today.
Redstone tumbled to a loss in its last financial year to 31 March 2010. It admitted in a stock exchange announcement last month that it “would be unlikely to be able to continue to trade” had the resolution not been passed.
Buoyed by the recent arrival of buy-and-build heavyweights Ian Smith and Tony Weaver, it also hinted it would return to the acquisition trail once the recapitalisation had occurred.
“In the opinion of the directors, the ICT sector offers attractive opportunities to further consolidate and the directors believe Redstone will provide an attractive base for such corporate activity,” it said last month. “Consequently, Redstone proposes to grow both organically and through acquisitions in those parts of its market that the directors believe are attractive.”
In an open letter yesterday, Rick Marshall, managing director at Redstone Converged Solutions, said that shareholders voted overwhelming in favour of the move.
“This share placing demonstrates investor support of the company's strategy and enables Redstone to establish a much stronger financial foundation for our long-term strategic growth plans which gives further confidence to our customers, suppliers and staff,” he said.
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