RNS Number:8459R
RCG Holdings Limited
08 April 2008
Press Release 8 April 2008
RCG Holdings Limited
("RCG" or "the Group")
Result of AGM
RCG Holdings Limited (AIM:RCG), a leading global provider of integrated
biometrics and RFID security solutions, confirms that all the resolutions put to
the shareholders at the Group's Annual General Meeting held today were duly
passed.
Speaking at the meeting in Macau, Dr. Raymond Chu, Chairman and CEO, said: "RCG
has continued its strong performance in the first quarter of this financial
year. All three divisions within the Group, comprising consumer, enterprise
and projects, are performing well. In the consumer and enterprise division RCG
recently announced a collaboration with Acer Sales and Service Sdn Bhd
(Malaysia) together with new product launches that have already received
confirmed orders. As announced on 1 April 2008, the projects division has
performed particularly well and has booked £3.7 million in revenue during the
first quarter of 2008 with further significant revenue to be invoiced in the
second quarter.
"The Group's global roll-out remains on track with contracts won over the first
three months of this financial year in Southeast Asia, Greater China and the
Middle East. The global market for biometrics and RFID continues to experience
rapid growth. Recent research from BCC Research indicates that global
biometrics industry revenue is expected to rise from US$2.7 billion in 2007 to
US$7 billion in 2012, and according to IDTechEx, the global RFID market value is
expected to rise from US$5 billion in 2007 to US$28 billion in 2017. We are
confident that RCG will maintain its strong growth in this exciting
marketplace."
"Since the announcement of the Group's 2007 audited full year results in
February 2008, considerable volatility has affected RCG's share price. In
response to the decrease in the Group's share price, the Board recommended the
implementation of a selective share buy-back programme of the Company's shares,
which shares will be held in Treasury. With the approval of Resolution 7 today,
the share buy-back programme shall be renewed, subject to monthly internal
assessments and further pre-determined conditions and qualifications. The
programme is long-term and highly flexible, with the primary objective being to
enhance value for our shareholders. In addition it is worth noting that the
recent purchases of RCG shares by my fellow Directors is an indication of our
conviction in the future prospects of the Group.
"The current uncertainty in financial markets has presented the Group with
reasonably priced M&A opportunities. As stated in my Chairman's Statement
released in February this year, RCG will continue to assess M&A targets that
will serve to strengthen its existing business model and enhance shareholder
value."
- Ends -
For further information:
RCG Holdings Limited
Dr. Raymond Chu, Chairman & CEO Tel: 00 852 3669 6999
KC Chong, Chief Financial Officer
Dr. Sri Hartati Kurniawan, Chief Information Officer
SriHartati@rcg.tv www.rcg.tv
Investec Investment Banking
Erik Anderson / Andrew Pinder Tel: +44 (0) 20 7597 5000
Media enquiries:
Abchurch
Henry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com
Notes to editors:
RCG is a leading global provider of integrated biometrics and RFID security
solutions, which was listed on AIM in July 2004. The Group has an aggressive
growth strategy with a clear focus on developing new applications and revenue
streams for global roll-out, particularly in the security applications industry.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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