Redcentric capital reduction gets High Court sanction

(Sharecast News) - Redcentric said on Thursday that the High Court had sanctioned its proposed capital reduction, clearing a key step towards the company's planned return of up to £90m to shareholders through a tender offer.

The AIM-traded managed IT services provider said the capital reduction was expected to become effective once the court order and accompanying statement of capital were registered with Companies House, on or before 3 July.

Redcentric said the number of shares admitted to trading would be unchanged, and that it would make a further announcement confirming the effective date and final tender offer timetable.

At 0800 BST, shares in Redcentric were up 3.25% at 127p.

Reporting by Josh White for Sharecast.com.

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