Rapid Nutrition Firms up Balance Sheet with Focused Consolidation Strategy
Rapid Nutrition PLC (OTCQB:RPNRF) announced a significant balance sheet enhancement by completing a cashless transaction with Motivate Technologies, returning approximately 1.4 million shares to the company. In exchange, Rapid Nutrition relinquished its shares in MHT, previously written down due to pandemic-related valuation difficulties. This transaction restores 100% of Rapid Nutrition's initial investment without affecting its core business operations. CEO Simon St. Ledger expressed confidence in the company's financial direction and market position in health and wellness.
- Completed cashless transaction recovering 1.4 million shares from Motivate Technologies.
- Restores 100% of initial investment in Motivate Technologies.
- No impact on core business operations.
- Management continues to deliver on financial objectives.
- None.
LONDON, UK / ACCESSWIRE / August 3, 2021 / Rapid Nutrition PLC (Euronext Growth:ALRPD)(OTCQB:RPNRF), a natural healthcare company focused on sports nutrition, diet management and life sciences products with growing global distribution, further streamlined the company's balance sheet to pursue its industry-specific consolidation strategy and heighten investor confidence.
The company is pleased to announce it has recently completed a cashless transaction allowing Rapid Nutrition to receive back about 1.4 million shares from a major shareholder, Motivate Technologies, inc. ("MHT"). In return, Rapid Nutrition will relinquish its shares held in MHT, which were difficult to value based on the pandemic's impact and as a result the Company had written down the value of its financial assets in MHT on its balance sheet, as disclosed in the company's most recent annual report. The transaction enables Rapid Nutrition to receive back 100 percent of its initial investment in MHT and has no impact on Rapid Nutrition's underlying core business.
"We are pleased to further control our own destiny as management continues to deliver on key milestones and financial objectives this year," said Rapid Nutrition CEO Simon St. Ledger. "We believe in the value of Rapid Nutrition shares as we continue to strengthen both our balance sheet and position in the global health and wellness market."
About Rapid Nutrition
Dedicated to the development and distribution of premium, science-based health and wellness brands across the globe, Rapid Nutrition shares a wealth of award-winning products with consumers who are passionate about innovations that are "made by nature, refined by science." Rapid Nutrition's first-class scientific team matches the experience of its management team to keep both the company and consumers on top of the latest industry trends and developments, while aligning with industry leaders worldwide to deliver effective supplements and solutions. Rapid Nutrition aims to be the supplier of choice globally by offering premium brands with the highest-quality ingredients to deliver maximum results.
For more information, please visit http://rnplc.com
Investor Relations Contact:
ir@rnplc.com
Disclaimer
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and or otherwise that involve risks, uncertainties and assumptions that could cause Rapid Nutrition PLCs actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. Rapid Nutrition PLC has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Rapid Nutrition PLC undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
This media information does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. This information does not constitute an offering prospectus within the meaning within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 of June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71 or a listing prospectus within the meaning of the listing rules of the Euronext Exchange or OTC Markets. The media release is in accordance with International Reporting Standard: Rule 12g3-2(b) under the Securities Exchange Act ('Rule 12g3-2(b)') permits non-U.S. companies with securities listed primarily on a Qualified Foreign Exchange to make publicly available to U.S investors in English the same information that is made publicly available in their home countries as an alternative to SEC reporting Exchange Act Rule 12g3-2(b).
SOURCE: Rapid Nutrition Plc
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https://www.accesswire.com/657941/Rapid-Nutrition-Firms-up-Balance-Sheet-with-Focused-Consolidation-Strategy
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