Sale of IP addresses
RM plc (RM.)
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of UK MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for making this disclosure on behalf of the Company is Neil Martin, Chief Executive Officer.
28 December 2022
Sale of IP addresses
RM plc, a leading international supplier of technology and resources to the education sector (LSE: RM) ("RM", the "Company"), today announces that it has agreed to sell a portion of their Internet Protocol v4 (“IPv4”) addresses to Hilco Streambank for a total consideration of USD10.2 million in cash (“the Sale”). The Company retains the rights over a further c.294,000 IPv4 addresses which will support growth in RM’s connectivity business.
The IP addresses are classified as intangible assets and were acquired at nil value. The Sale will therefore not affect the Company’s total net assets, other than the addition of the cash proceeds from the Sale which will be used to strengthen the balance sheet. Approximately £4.1m of IP addresses were sold during FY22 (ending on 30 November 2022) which, due to the changing nature of these sales in the period, have been classified as other income for FY22 in line with the treatment of the sale of Intangible Assets.
The Sale will constitute a Class 2 transaction under the Listing Rules.
Neil Martin, Chief Executive Officer of RM, commented:
"This is a positive opportunity for RM to capitalise on our valuable asset base of IP addresses whilst maintaining sufficient capacity to continue the growth of our connectivity business.”
Notes to Editors:
RM plc is a leading supplier to the international education sector. Established in 1973, RM provides market-leading products and services to educational institutions, exam bodies and international governments which improve, simplify and support education and learning. The education sector is transforming and assimilating digital solutions, and RM is well positioned to capitalise on this through its three divisions:
|OAM Categories:||2.2. Inside information|
|3.1. Additional regulated information required to be disclosed under the laws of a Member State|
|EQS News ID:||1522323|
|End of Announcement||EQS News Service|
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