REDCENTRIC PLC — Board/Management Information 2023

Nov 22, 2023

National Storage Mechanism | Additional information

RNS Number : 2053U

Redcentric PLC

22 November 2023

Redcentric plc

Board Appointment

Redcentric plc (AIM: RCN) ("Redcentric" or the "Company"), a leading UK IT managed services provider is pleased to announce the appointment of Oliver Scott as a Non-Executive Director, effective 1 December 2023.

Oliver is a partner of Kestrel Partners LLP ("Kestrel"), the independent investment manager, which he co-founded in 2009. Prior to this, Oliver spent 20 years advising smaller quoted and unquoted companies, latterly as a director of KBC Peel Hunt Corporate Finance. He is currently a non-executive director of Smoove PLC and K3 Business Technology PLC, and was previously a non-executive director of Idox PLC, IQGeo Group PLC and KBC Advanced Technology PLC.

Kestrel invests in small and microcap UK listed companies with a particular focus on the enterprise software and services sector, and is Redcentric's largest shareholder, with a current holding of 31,355,551 ordinary shares in the Company.

Relationship Agreement

In conjunction with Oliver's appointment, the Company have entered into a relationship with Kestrel. The key terms of this agreement are as follows:

·    Kestrel has the right to nominate one person for appointment as a director of the Company providing that Kestrel (together with its individual partners and their affiliates), indirectly or directly, holds no less than 20 per cent, of the voting rights of the Company;

·    all transactions, agreements or arrangements entered into between a member of the group and Kestrel and/or any of its associates will be conducted at arm's length and on arm's length commercial terms; 

·    Kestrel shall exercise its voting rights to ensure, so far as it is able to do so by the exercise of such rights, that directors independent of Kestrel shall at all times constitute a majority of the Redcentric board;

·    Kestrel and its associates will not propose any resolution or other action to cancel the trading of the Company's shares from trading on AIM without the Board's approval; and

·    Kestrel and its associates will not solicit proxies unless consistent with the recommendation of the board, exercise powers to requisition a shareholders' meeting, or undertake any action to obtain or consolidate control of the Company or seek to do so, otherwise than in accordance with the Takeover Code.

Nick Bate, Chair of Redcentric, commented:

"Oliver has been one of the Company's longest standing and largest investors through his role at Kestrel. He brings significant public markets and technology investment knowledge and we look forward to working with him."

In accordance with Schedule Two, paragraph (g) of the AIM Rules for Companies ("AIM Rules"), Oliver Rupert Andrew Scott, aged 55, holds or has held in the past 5 years the following directorships and partnerships:

Current Directorships	Past 5 Years Directorships
Kestrel Partners LLP	6PM Holdings PLC
K3 Business Technology PLC	ClearSpeed Technology Limited
Smoove PLC	Idox PLC
Suffolk Energy Action Solutions SPV Limited	Idox Trustees Limited
Suffolk Energy Action Solutions Limited	IQGeo Group plc
	Kestrel Investment Partners LLP
	Kestrel Technology Holdings Ltd
	ZF Acquisitions Limited

There is no further information to be disclosed in relation to the appointment pursuant to Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.

Enquiries:

Redcentric plc Peter Brotherton, Chief Executive Officer David Senior, Chief Financial Officer	+44 (0)800 983 2522
Cavendish Capital Markets Limited - Nomad and Sole Broker Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance) Andrew Burdis / Sunila de Silva (ECM)	+44 (0)20 7220 0500

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