RC365 Holding PLC Acquisition of Mr Meal Production Limited (8589F)
13 Juillet 2023 - 8:00AM
UK Regulatory
TIDMRCGH
RNS Number : 8589F
RC365 Holding PLC
13 July 2023
13 July 2023
RC365 Holding Plc
("RC365" or the "Company")
Acquisition of Mr Meal Production Limited
RC365 Holding Plc ("RC365"), a company focusing on payment
gateway solutions and IT support, is pleased to announce that it
has acquired 100% of the issued share capital of Mr Meal Production
Limited ("Mr Meal"), a company providing a media and advertising
services to Hong Kong companies for a total consideration of HK$2
million (the "Consideration") to be satisfied by a combination of
cash and issue of new Ordinary Shares.
The Consideration is payable as to HK$1,000,000 in cash upon
completion and HK$1,000,000 through the issue of 91,453 new
Ordinary Shares in the Company, representing 0.07% of the current
issued share capital. The cash Consideration will be funded through
the Group's existing reserves. The Consideration shares are
contingent on the retention of key employees for a 12 month period
and if satisfied will be issued 18 months after the date of this
acquisition. A further announcement will be made once the
Consideration shares are issued.
RC365 intends to continue to seek to provide its customers with
quality and reliable services and continues to develop payment and
marketing services in order to gain a competitive advantage in the
marketplace.
Unaudited management accounts of Mr Meal for the year ended 31
March 2023 show revenue of HK$2.6m and profit before tax of
HK$0.3m. Mr Meal will continue to operate under its own brand.
About Mr Meal
Mr Meal, a company founded in Hong Kong with more than a decade
of presence in Hong Kong. The company has clients from
multinational corporations to SMEs in Hong Kong. Mr Meal has a good
reputation of providing quality services in a cost-effective
manner.
Mr Meal is actively using different AI techniques in order to
speed up the production efficiency and provide better quality
protypes to their clients. In addition, Mr Meal has established a
China innovation centre and production house in order to meet the
growing demand from the existing and potential clients.
Chi Kit Law (Michael), Executive Director and Chief Executive
Officer, said:
"The acquisition of Mr Meal represents another step in the
Company's development. The Mr Meal team are highly experienced with
a proven track record in delivering high quality 3D animation
production services. We look forward to working with our new
colleagues."
For further information please contact:
RC365 Holding plc T: +852 2251 1621
Chi Kit LAW, Chief Executive Officer E: ir@rc365plc.com
Guild Financial Advisory Limited - T: +44 (0)7973 839767
Financial Adviser E: ross.andrews@guildfin.co.uk
R oss Andrews
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END
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