Crossword
Cybersecurity Plc
£500,500
equity fundraising including Director's subscription
18
July 2024 - London, UK Crossword
Cybersecurity Plc (AIM:CCS,
"Crossword", the "Company" or the "Group"), the cybersecurity
solutions company focused on cyber strategy and risk, is pleased to announce that it
has raised gross proceeds of approximately £500,500 through a
placing ("Placing") and direct subscription (the "Subscription")
(together, the "Fundraise") of 10,010,000 new ordinary shares of
0.5p each in the capital of Crossword ("Ordinary Shares") at a
price of 5 pence per Ordinary Share (the "Issue Price").
The Fundraise comprised the Placing
of 6,010,000 Ordinary Shares to raise approximately £300,500 from
new and existing shareholders, conducted by Hybridan LLP, and the
Subscription by the Company's CEO, Tom Ilube, of 4,000,000 Ordinary
Shares to raise a further £200,000.
The Company intends to apply
proceeds from the Fundraise to provide additional working capital
as the Company continues to focus on achieving EBITDA and cash
breakeven in H2 2024. The Issue
Price represents a 27% discount to the
closing mid-price on 17 July 2024.
Admission and Total Voting Rights
Application has been made for the
admission of the 10,010,000 Ordinary Shares, which
rank pari
passu with the Company's existing issued Ordinary
Shares, to trading on AIM. Dealings on AIM are expected to commence
at 8:00am on or around 23 July 2024 ("Admission").
For the purposes of the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules (the
"DTRs"), following Admission, Crossword will have 111,476,867
Ordinary Shares in issue with voting rights attached. Crossword
holds no shares in treasury. This figure of 111,476,867 may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the
Company, under the DTRs.
Related party transaction
The Subscription by Tom Ilube
constitutes a related party
transaction under Rule 13 of the AIM Rules
for Companies. The Company's Independent Directors, being the
Directors other than Tom Ilube, consider, having consulted with the
Company's Nominated Adviser, that the terms of Tom Ilube's
Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Director's participation
The beneficial holding of Tom Ilube
following Admission of the new Ordinary Shares is set out
below:
|
Director
|
Total Ordinary Shares held on Admission
|
%
of issued share capital held on Admission
|
|
Tom Ilube
|
18,667,260
|
16.7%
|
Further details are set out in the
PDMR form below, made in accordance with the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018.
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 ("UK MAR") which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. The information
is disclosed in accordance with the Company's obligations under
Article 17 of UK MAR. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
Contacts
Crossword Cybersecurity
plc - Tel: +44
(0) 333 090 2587
Email:
info@crosswordcybersecurity.com
Tom Ilube, Chief Executive
Officer
Rose Clark, Chief Financial
Officer
Grant Thornton (Nominated
Adviser) -
Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem /
Ciara Donnelly / Elliot Peters
Hybridan LLP
(Broker) -
Tel: +44 (0)203 764 2341
Claire Louise Noyce
About Crossword Cybersecurity
plc
Crossword offers a range of cyber
security solutions to help companies understand and reduce cyber security
risk. We do this through a combination of people and technology,
in the form of SaaS and software products, consulting, and managed
services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain
cyber, threat detection and
response, and digital identity and the aim is to
build up a portfolio of cyber security products and services with
recurring revenue models in these four areas. We work closely with
UK universities and our products and services are often powered by
academic research-driven insights. In the area of cybersecurity
strategy and
risk our consulting services include cyber maturity
assessments, industry certifications, and virtual chief information
security officer (vCISO) managed services.
Crossword's
end-to-end supply chain
cyber standard operating model (SCC SOM) is supported
by our best-selling SaaS platform, Rizikon Assurance, along with
cost-effective cyber audits, security testing services and complete
managed services for supply chain cyber risk
management. Threat detection
and response services include our Nightingale AI-based
network monitoring, our Trillion™ suite of threat intelligence
products, Trillion Breach, Harvista and Arc and incident response.
Crossword's work in digital
identity is based on the World Wide Web Consortium W3C
verifiable credentials standard and our current solution,
Identiproof, enables secure digital verification of individuals to
prevent fraud.
Crossword serves medium and large
clients including FTSE 100, FTSE 250 and S&P listed companies
in various sectors, such as defence, insurance, investment and
retail banks, private equity, education, technology and
manufacturing and has offices in the UK, Poland and Oman.
Crossword's ordinary shares are admitted to trading on the AIM
market of the London Stock Exchange.
Visit Crossword
at https://www.crosswordcybersecurity.com/
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Tom Ilube
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Chief Executive Officer
|
|
b)
|
Initial notification
/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Crossword Cybersecurity
plc
|
|
b)
|
LEI
|
213800FJNJGZBUSOZQ63
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification code
|
Ordinary shares of 0.5p
each
GB00BNG2LT65
|
|
b)
|
Nature of the
transaction
|
Subscription for ordinary
shares
|
|
c)
|
Price(s) and volume(s)
|
Price
5.0p Volume
4,000,000
|
|
d)
|
Aggregated
information
|
N/A
|
|
e)
|
Date of the
transaction
|
17 July 2024
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|