Interim Dividend, Reverse Scrip Dividend Scheme and Notice of GM
02 November 2015
RapidCloud International plc (AIM:RCI), the computing services, web-hosting and web-solutions provider based in Southeast Asia, is pleased to announce a proposed interim dividend of £0.0067 per share. In addition, the Company intends to implement a scheme to allow Shareholders to elect to receive their dividends, both now and for the next five years, in either cash or shares in the Company. This will implemented by way of a Reverse Scrip Dividend scheme.
Consequently, the Company has today posted to Shareholders of the Company a circular and notice of General Meeting (together the “Circular”), to be held at 4 p.m. MY / 8 a.m. BST on 18 November 2015 at the offices of RapidCloud International Plc at B-9-9, Capital 2, Oasis Square, No.2, Jalan PJU 1A/7A, Ara Damansara, 47301 Petaling Jaya, Selangor, Malaysia.
The General Meeting has been called to ask Shareholders to approve the payment of the interim dividend of £0.0067 per Ordinary Share for the financial period ended 31 December 2014, and to ask Shareholders to approve the implementation of the Reverse Scrip Dividend Scheme, whereby Shareholders will by default receive new Ordinary Shares credited as fully paid instead of cash, in respect of all dividends offered by the Company for the duration of the scheme. If Shareholders wish to instead receive their dividends as cash, they should submit a Cash Dividend Election form as explained in the Circular.
Raymond Chee, the Company’s Managing Director, commented:
“I am delighted that the Company is paying a dividend and offering this through way of a reverse scrip dividend scheme. This scheme gives our shareholders the opportunity to choose their preferred method of receiving the dividend, allowing shareholders to meet their own objectives. The portion of the dividend that is taken by our shareholders via scrip will preserve cash for the Company, which will be used to continue the Company’s growth and expansion.
“I also understand that all Directors who are shareholders (representing approximately 55% of the issued share capital) will be electing to take their dividend as scrip rather than cash.”
A copy of the Circular will be made available on the Company’s website later today.
The timetable for the proposed Reverse Scrip Dividend Scheme is as follows:
02 November 2015 Announcement of proposed Reverse Scrip Dividend Scheme and Interim Dividend
26 November 2015 Ordinary Shares quoted “ex” dividend
27 November 2015 Record date for dividend
11 December 2015 Final date for receipt of Cash Dividend Elections
24 December 2015 Posting of cheques and tax vouchers
29 December 2015 Payment of dividend / share allotment, and posting of share certificates and statements
29 December 2015 First day of dealing in the new Ordinary Shares
For further information, please visit www.rapidcloudasia.com or contact:
|RapidCloud International Plc
Raymond Chee, Managing Director
David Cotterell, Chairman
|WH Ireland, Nominated Adviser and Broker
|Tel: +44 (0)20 7220 1666|
|Walbrook, Financial PR and IR
|Tel: 44 (0)20 7933 8792
RapidCloud, provides computing services, web-hosting and proprietary web-solutions, such as web-site building and e-commerce solutions. The Company is based in Southeast Asia and is one of the few solutions providers in the region to deliver its offerings through all three available Cloud Computing segments, i.e. Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service.
Formed in 1999 the Company has a well-established cloud offering with a customer base of over 42,000. These are predominantly SMEs but also include blue-chip clients such as Deloitte, BAE Systems and Canon, for which RapidCloud's extensive R&D department creates bespoke software solutions.
RapidCloud currently has operations in Malaysia, Indonesia, Singapore, Thailand and the Philippines. According to industry research commissioned by RapidCloud from Frost & Sullivan in 2013, the Cloud Computing industry in Asia Pacific is expected to grow at a CAGR of 49.6% between 2013 and 2015, giving a market size of US45.6 billion by 2015. RapidCloud International plc was admitted to AIM on 14 August 2013. For further information, please visit www.rapidcloudasia.com