Catenae Innovation PLC Further re: Hyperneph, Insurance Policy and RPT (4820V)

TIDMCTEA

RNS Number : 4820V

Catenae Innovation PLC

04 December 2023

Catenae Innovation PLC

("Catenae", the "Company" or the "Group")

Further re: Hyperneph Software Limited, Insurance Policy and Related Party Transactions

Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, provides an update in relation to Hyperneph Software Limited ("HSL") and insurance policies renewed by the Company.

Hyperneph Software Limited

The Company announces that it has settled with certain minority shareholders of Hyperneph Software Limited in relation to the claim which was initially announced on 17 May 2022 (the "Settlement").

Pursuant to the terms of the Settlement, the minority shareholders of HSL have agreed to pay a nominal amount, in cash, for the Company's 51% shareholding in HSL ("HSL Disposal"). The HSL Disposal will not have any material impact on the Company's continuing activities.

For the year ended 31 December 2022, HSL had turnover of GBP77,136 and made a loss of GBP21,245.

HSL Related Party Transaction

The HSL Disposal constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules by virtue of Anthony Sanders being a director of HSL and Alan Simpson being a substantial shareholder of HSL (the "HSL Transaction"). The directors of Catenae, being John Farthing, Guy Meyer and Brian Thompson, consider, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser for the purposes of the AIM Rules, that the terms of the HSL Transaction are fair and reasonable in so far as shareholders are concerned.

Insurance Policy Renewal

Further to the announcement on 31 March 2023, the Company has renewed certain insurance policies through B.T.I.C. Limited (the "Transaction").

Pursuant to the Transaction, the Company has renewed certain insurance policies valued at GBP840 for the Company through B.T.I.C. Limited, a company controlled by Brian Thompson, a director of the Company.

The Transaction constitutes related party transaction for the purposes of Rule 13 of the AIM Rules by virtue of Brian Thompson being a director of the Company and controller of B.T.I.C. Limited and therefore B.T.I.C. Limited is a related party. Guy Meyer and John Farthing, being directors of the Company independent of the Transaction, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider that, the terms of the Transaction are fair and reasonable in so far as the Company's shareholders are concerned.

The Company continues to carefully manage its working capital position.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Chief Executive Officer of the Company and the Directors of the Company are responsible for the release of this announcement.

For further information please contact:

 
                                                         +44 (0)191 580 
 Catenae Innovation PLC                                            8545 
 Guy Meyer, Chief Executive Officer 
 
 Cairn Financial Advisers LLP (Nominated Adviser)    +44(0)20 7213 0880 
 Liam Murray / Jo Turner 
 
                                                         +44 (0)20 7186 
 Shard Capital Partners LLP (Broker)                               9952 
 Damon Heath

Notes to Editors:

About Catenae Innovation PLC

Catenae Innovation is an AIM quoted provider of digital media and technology services. The Company specialises in Distributed Ledger Technology solutions that solve commercial challenges and create opportunities for its clients. The Company has an experienced IT team of project managers and integrators who have deployed systems across corporate, government and educational sectors.

www.catenaeinnovation.com

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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