Rapid Nutrition : Firms up Balance Sheet with Focused Consolidation Strategy
08/03/2021 | 06:14am EDT
Rapid Nutrition Firms up Balance Sheet with Focused Consolidation Strategy
03 Aug 2021 07:30 CEST
London, United Kingdom - 3rd August 2021, 8:00am CET - Rapid Nutrition PLC (Euronext Growth: ALRPD, OTCQB: RPNRF), a natural healthcare company focused on sports nutrition, diet management and life sciences products with extensive worldwide 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.'
Rapid Nutrition plc published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 09:55:21 UTC.