News Column

RCG Holdings Seeking AIM De-Listing At Annual General Meeting

June 3, 2014

Hana Stewart-Smith

LONDON (Alliance News) - RCG Holdings Ltd said Tuesday that it was seeking approval from shareholders to cancel its listing on AIM at its annual general meeting June 27.

RCG is an investment company, focused on biometric and radio frequency identification products.

The company said that, since dual-listing on the Hong Kong Stock ExchangeFebruary 2009, a number of shareholders have moved their shares to the Hong Kong branch share register.

As a result, RCG said it had reviewed the costs and benefits of maintaining its AIM listing and concluded that the costs outweigh the benefits. It said that it believes it will be better able to focus its resources on its HKSE listing, in line with its expansion plans in the Asia Pacific region.

The de-listing needs 75% shareholder approval to pass; and if it is approved, RCG expects to de-list from July 8, it said.

Alongside this de-listing, the company will also end its Depository Interest facility. Capita Asset Services will arrange for all entries on the Jersey branch share register to be moved to the Hong Kong branch maintained by Union Registrats Ltd, who will then issue HKSE share certificate to shareholders.

RCG said that, in order for Depository Interest Holders and Shareholders whose shares are registered on the Jersey branch share register to trade on the HKSE after cancellation, they must lodge these certificates with a Hong Kong stockbroker.

RCG noted that growth in the global economy had continued to be slow, especially in the US and China, as investors continued to be risk averse, and readjusted their market confidence.

Shares in RCG were trading down 14.6% at 1.50 pence Tuesday morning.

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Source: Alliance News

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