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Redcentric (RCN): Tender offer

This situation live

RCN Redcentric

£86m · 85.0p · −35% since the first step
132.0p 85.0p Now 85.0p · 23 Oct −5% −3% −23% −9% Apr ’26MayJunJulAugSepOct
1 May 2026 · proposed · −5% until the next step · Material Return of Capital Return to Shareholders: The Board intends to propose an equity tender offer at a price of 160 pence per share.
2 Jul 2026 · proposed · −3% until the next step As previously announced, completion of the Capital Reduction is required to enable the proposed return of up to £90 million in cash to Shareholders by way of a tender offer (the 'Tender Offer'), full
22 Jul 2026 · paid · −23% until the next step of the Company's existing issued share capital) at the Tender Price of £1.60 per share under the Tender Offer.
28 Sep 2026 · paid · −9% since Tender Offer completed with £90m cash being returned to shareholders;
Capital return
Tender offer
paid · paid out
Kindtender offer
Amount£90m
Of market value93.5%

As of 28 Sep 2026 ↗

Since Oct 2023: 126 situations of this kind – paid out 66%, went quiet 34%; median share price +6% six months after they opened

Every step · 4
  1. 1 May 2026 proposed – · Material Return of Capital Return to Shareholders: The Board intends to propose an equity tender offer at a price of 160 pence per share. ↗
  2. 2 Jul 2026 proposed – As previously announced, completion of the Capital Reduction is required to enable the proposed return of up to £90 million in cash to Shareholders by way... ↗
  3. 22 Jul 2026 paid – of the Company's existing issued share capital) at the Tender Price of £1.60 per share under the Tender Offer. ↗
  4. 28 Sep 2026 paid – Tender Offer completed with £90m cash being returned to shareholders; ↗

What is happening

Redcentric: Tender offer – paid. ['paid']

In short
After the data centre sale closed (initial £115.4m received 30 April 2026), Redcentric repaid RCF debt and completed a £90m tender offer at 160p in July 2026. The £1.5m buyback approved 11 August runs to 30 September; 1,140,937 shares had been bought by 25 September. The 28 August 2026 refinancing and final results (28 September) confirm adjusted net debt of £2.8m and a progressive dividend, first declared with the H1 results.
Announced
1 May 2026 · proposed
Latest
28 Sep 2026 · paid
Results
Audited FY26 results due in September 2026
Broker
Cavendish manages the buyback independently
Final consideration
£124.9m cash total; £9.5m balancing payment received 16 September 2026
Final payment
£9.46m balancing payment received from Stellanor
Next milestone
Audited FY26 results due in September 2026; dividend policy update expected after final settlement
Net debt
Adjusted net debt £2.8m at 25 September 2026, from £36.8m at 31 March 2026
New facilities
£30m RCF plus £10m accordion, NatWest and Barclays, agreed 28 August 2026, three-year term
Dividend
Progressive policy reinstated; first interim expected with results for six months to 30 September 2026
Briefing Pro

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Also at Redcentric 1 open
Disposal of a part (break-up)Focused MSP strategy – Pure-play MSP; new CFO appointed Upgrade / downgrade cycleResults ahead of expectations – ahead of expectations · closed Insider conviction1 director buying – £114k in 4 buys · closed Insider conviction1 director buying – £76k in 1 buy · closed Insider conviction1 director buying – £1,405k in 14 buys · closed Redcentric – company page →

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