Ultimate Sports Group PLC Change of Name & Notice of General Meeting (4854B)
January 31 2020 - 2:00AM
UK Regulatory
TIDMUSG
RNS Number : 4854B
Ultimate Sports Group PLC
31 January 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
31 January 2020
Ultimate Sports Group PLC
("USG" or the "Group")
Strategy Update, Proposed Name Change &
Notice of General Meeting
Ultimate Sports Group PLC, the AIM listed investment vehicle, is
pleased to provide an update on its strategy and to announce its
intention to change its name to Catena Group PLC.
Since Matthew Farnum-Schneider's appointment as Chief Executive,
the Group has been assessing a number of investment opportunities
in high growth markets. The Group is today announcing that it is in
advanced discussions in relation to a potential investment into an
artificial intelligence company which provides machine learning
solutions to asset managers and other financial services companies.
These discussions are currently on a non-binding basis and there is
no guarantee they will result in a transaction. The Group will
provide further updates as and when appropriate.
To reflect the new strategic focus, the Group is proposing to
change its name to Catena Group PLC. This change will require
shareholder approval and accordingly, a Notice of a General Meeting
to be held at 10.00am on 17 February 2020 at the Group's offices at
Moor Place - WeWork, 1 Fore Street, London EC2Y 9DT has today been
sent to shareholders. The Notice of General Meeting will also be
available on the Group's existing website at:
www.ultimatesportsgroup.me. Upon shareholder approval, the Group's
TIDM code will change to CTNA and the Group's website will change
to: www.catenagroup.co.uk. The Group's ISIN number (GB00BYV31355)
will remain unchanged. Further details on the timing of these
changes will be provided shortly after the General Meeting.
The proposed change of company name will not affect the rights
of shareholders and all existing share certificates should be
retained as they will remain valid; no new share certificates will
be issued.
The Group is also pleased to report that based on un-audited
figures, its subsidiary, Sports in Schools Limited, has continued
its strong performance in the second half of 2019.
Matthew Farnum-Schneider, Chief Executive of Ultimate Sports
Group PLC, commented: "Artificial intelligence will completely
transform industries across the board. Financial services will be
an extraordinary beneficiary of this shift: With more than $1
billion in cost savings expected as portfolio analysis, valuation,
risk management, and other key capabilities of the sector are
enhanced by AI. With such benefits it is clear why global
artificial intelligence spend is projected to reach $78 billion in
2022, growing at an annual rate of 37%.
We are pleased with progress to date regarding expanding into
this high growth and exciting field, and I look forward to updating
shareholders in due course."
* ENDS *
This announcement has been released by Matthew Farnum-Schneider,
Chief Executive, on behalf of the Group.
For further information, please visit www.ultimatesportsgroup.me
or contact:
Ultimate Sports Group PLC
Matthew Farnum-Schneider +44 (0)20 3743 2543
St Brides (Financial PR)
Catherine Leftley/Beth Melluish +44 (0)20 7236 1177
Cantor Fitzgerald Europe (Nomad and Broker)
David Foreman/Michael Boot +44 (0)20 7894 7000
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END
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