Parity Group PLC Sale and Licence of Trademark (2431L)
December 30 2022 - 2:00AM
UK Regulatory
TIDMPTY
RNS Number : 2431L
Parity Group PLC
30 December 2022
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
30 December 2022
PARITY GROUP PLC
SALE AND LICENCE OF TRADEMARK
Parity Group plc ("Parity" or the "Group"), the data and
technology focused recruitment and professional services business,
is pleased to announce that it has agreed to sell to Gap Capital
Ventures LLC ("Gap Capital") the trademarks that it holds in the UK
and EU to the 'Parity' name. As part of the transaction, Parity is
granted a perpetual, royalty free and irrevocable licence to
continue to use the trademarks (together, the "Sale and
Licence").
The consideration to be received by the Group for the Sale and
Licence of the trademarks is GBP950,000 in cash, payable in full
immediately, with the value of the trademarks currently being
ascribed nil value within the Group's accounts and there being no
profit associated with them. The proceeds from the Sale and Licence
will be used to provide the Group with additional working capital
and enable the business to fund investment for growth in the first
half of next year.
Mark Braund, Executive Chairman of Parity Group plc, said:
"The Sale and Licence of the Parity trademarks will have minimal
impact on the Group's activities whilst generating significant
value that will provide the Group with the opportunity to
accelerate some of its growth plans and thereby shareholder
value.
We look forward to providing a trading update on the Group's
activities in the last week of January 2023."
Contacts
Parity Group PLC www.parity.net
Mark Braund, Executive Chairman
Mike Johns, CFO + 44 (0) 208 171 1729
Allenby Capital Limited (Nominated
Adviser and Broker)
David Hart / Freddie Wooding
(Corporate Finance)
Tony Quirke (Sales and Corporate
Broking) +44 (0) 20 3328 5656
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END
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