Redcentric completes scheme in connection with accounting misstatements

IT managed services provide Redcentric today revealed it had completed a restitution scheme in connection with historical accounting misstatements.
By Greg Wright
Published 8th Dec 2020, 08:12 BST
Updated 8th Dec 2020, 08:16 BST
Redcentric has told the City that the restitution scheme has been completed.Redcentric has told the City that the restitution scheme has been completed.
Redcentric has told the City that the restitution scheme has been completed.

In June, Redcentric revealed it had reached a settlement with the Financial Conduct Authority in connection with the FCA's investigation into the company in relation to certain historical accounting misstatements.

As part of the settlement, the company agreed to implement a restitution scheme. Redcentric today said all valid claims have now been settled and the restitution scheme has now concluded.

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The final number of settlements under the scheme included cash payments of £6,649,815.08, according to Redcentric.

Peter Brotherton, CEO, commented: "We are pleased that the restitution scheme was so effective, with holders of nearly 80% of eligible share purchases making a successful claim.

"Now that the FCA investigation and restitution scheme are both fully concluded, we look forward to focusing solely on operating and growing the business to deliver maximum shareholder value.

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