Redcentric plc is a mid-market network-based managed services business delivering information and communications technology (ICT) solutions and services. The Company delivers services, such as designing, implementing, securing and maintaining ICT networks; hosting services, software and data in the cloud, and managing the ICT environment utilized in the delivery of the services, software and data. It offers a range of network-based managed services solutions, including Managed security services, Connectivity solutions, Unified communications solutions, Hosted applications/Cloud services, Physical and virtual data centre services, and ICT project and hardware maintenance services. The Company was formed to facilitate the demerger of the network-based managed services business from the Redstone Group. On April 8, 2013 Redcentric Holdings Limited, a wholly owned subsidiary was demerged from Redstone plc.

http://www.redcentricplc.com/

Disposal of fibre networks
RNS
RNS Number : 7410K
Redcentric PLC
26 September 2016
 
26 September 2016
Redcentric plc
("Redcentric", "the Company" or "the Group")
 
Disposal of Cambridge, Portsmouth and Southampton fibre networks
 
Redcentric plc (AIM:RCN), a leading UK IT managed services provider, is pleased to announce the disposal of its metropolitan area fibre networks in Cambridge, Portsmouth and Southampton to CityFibre Infrastructure Holdings Plc (AIM:CITY, "CityFibre") for a total consideration of £5.0m, in line with book value, paid in cash on completion.
As part of the transaction, CityFibre have also acquired unlit network and ducting from Redcentric in Nottingham, Derby, Northampton and Newbury. Redcentric have signed a network access agreement with CityFibre to provide seamless access to the network in support of its customers, who remain with Redcentric and are unaffected by the disposal.
The network access agreement, which has a ten year duration, with minimum levels of annual commitment, which reduce over time. The expected impact on Redcentric is incremental net cash costs of approximately £0.5m per annum initially, although this is offset by reduced depreciation and interest charges meaning that the transaction is earnings neutral. The transaction strengthens Redcentric's balance sheet, and provides further flexibility for future investment.
 
Fraser Fisher, Chief Executive Officer of Redcentric, commented;
"This disposal is in line with our strategy of control over our customer affecting core assets while not tying up capital where ownership is unnecessary. This mirrors our Datacentre approach where the physical buildings are held on long leases rather than freeholds but we retain complete control of the assets. We will continue to service customers in Cambridge and Portsmouth exactly as before, and expect to generate additional revenues and network efficiencies over time as a result of our developing relationship with CityFibre."

Oh dear

from yesterday

XXXX - 7 Nov '16 - 15:43
I bought some a bit earlier @ 61.45p as the order book got very strong on the bid side

order book DEPTH ( no. trades ) of 43 v 26

The marked down seem overdone considering £10M is on the fry and now bounces from lows of the day

74.25p +11.00 (+17.39%)

RNS from MXCP

"MXC Capital Limited (AIM: MXCP), the technology focused merchant bank, announces that on 7 November 2016, it bought 7,610,208 shares in Redcentric plc at an average price of 59.68 pence per share. Together with MXC's existing shareholding, MXC now holds 7,659,316 Redcentric shares, representing 5.2% of its issued share capital. "

Peter Rigg, Chairman of MXC Capital, commented:
"We are shocked by the recent developments at Redcentric; accounting misrepresentations are every investor's worst nightmare. Despite this set back, we strongly believe in the fundamental quality of Redcentric's business and remain confident of its future prospects.

With swift action, we believe that value can be restored in Redcentric and MXC will seek to take an active role in this process."

note -
MXCP sold all their holdings in June at about 180p per share netting them £10.6m

Still strong buy imhho. Totally oversold after statement giving clarity, and dealt with immediately. No skeletons in the cupboards with this board of directors.

Red Faces at Redcentric

Insider Share Dealing

Besides the fact of the accounting misstatement, resulting in Redcentric’s CFO being placed on “garden leave”, the pattern of share trades by insiders before and after the announcement is, if anything, more shocking. Firstly, we have share trades by Redcentric’s CEO........

http://www.sharesoc.org/blog.html

Steady bounce during the last week another 4p today

84p + 3p

Appointments to support forensic review

Redcentric plc (AIM:RCN), a leading UK IT managed services provider, announces the following initial actions by the Board following the recent discovery of accounting misstatements.

To support the Board with its forensic review, both Deloitte LLP and Nabarro LLP have been appointed to carry out independent forensic investigations.

Alongside these appointments, Redcentric has also appointed Julian Llewellyn as interim Chief Financial Officer. Julian is a very experienced Chief Financial Officer with over 25 years' experience in senior roles at companies such as Exertis, Balfour Beatty and Greenergy.

The search for a permanent Chief Financial Officer to join the Board is progressing well and the Company will make a subsequent announcement in due course.

Chris Cole, Chairman of Redcentric, commented:

"The past few days have obviously been challenging and difficult for everyone involved with Redcentric. Our priority now is to complete this review and report the findings to all our stakeholders together with our interim results."

KEEPS MOVING HIGHER

87.50p +6.50p

Close Position T+13 @ 86p

I don't understand the comment that MXCP; "...sold all their holdings in June at 180p netting them £10.6m...." ( see Posting #41 ).
Was [RCN], ever 180p in 2017 - ? - the graph suggests 80p might have been possible... and it's not far off that now.

15:40 26/04/2018
Broker Forecast - Numis issues a broker note on Redcentric PLC
Numis today upgrades its investment rating on Redcentric PLC (LON:RCN) to buy (from hold) and set its price target at 120p. Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk