KRM22 plc
("KRM22", the "Group" or the
"Company")
Issue of
Equity
KRM22 plc, (AIM: KRM) the technology
and software investment company that focuses on risk management for
capital markets, announces that, to satisfy a partial payment of
deferred consideration payable with respect to the acquisition of
Object+, as announced on 30 May 2019, it has allotted 140,187 new
ordinary shares of 10 pence each in the Company ("Ordinary
Shares"), representing 0.4% of issued share capital. As previously
announced, the acquisition agreement allowed the deferred
consideration payable thereunder to be settled in cash or by an
allotment of shares in the Company at £0.85 per Ordinary Share
being the value weighted average closing price for the 60
consecutive trading days prior to completion of the acquisition in
2019. The Company has elected to satisfy the partial payment of
deferred consideration by way of issuing new Ordinary Shares so as
to conserve cash within the Group.
The Company confirms that a total of
US$765k deferred consideration remains outstanding to the vendor of
Object+ following the above forementioned payment through the issue
of new Ordinary Shares. The terms of the earn out remain the same
such that if the Company elects to pay out under the terms of the
deferred consideration then 30 per cent. has to be satisfied in
cash to satisfy the vendors personal tax liabilities. However, if
the vendor makes the request, payment can be entirely satisfied by
the issue of new Ordinary Shares.
Application will be made for the new
Ordinary Shares to be admitted to trading on AIM and dealings are
expected to commence on 12 April 2024.
The new Ordinary Shares will rank
pari passu with the Company's existing Ordinary Shares. The total
number of Ordinary Shares in issue following Admission will be
35,806,523. The Company does not hold any shares in treasury.
Accordingly, the figure of 35,806,523 may be used by shareholders
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 FCA's Disclosure
Guidance and Transparency Rules.
For
further information please contact:
KRM22
plc
Garry Jones, Chairman
Dan Carter, CEO
Kim Suter, CFO
|
InvestorRelations@krm22.com
|
Cavendish Capital Markets Limited (Nominated Adviser and Sole
Broker)
Carl Holmes / George Dollemore
(Corporate Finance)
Sunila de Silva (ECM)
|
+44 (0)20 7220
0500
|
About KRM22 plc
KRM22 is a closed-ended investment
company which listed on AIM on 30 April 2018. The Company has
been established with the objective of creating value for its
investors through the investment in, and subsequent growth and
development of, target companies in the technology and software
sector, with a focus on risk management in capital
markets.
Through its investments and the
Global Risk Platform, KRM22 helps capital market companies reduce
the cost and complexity of risk management. The Global Risk
Platform provides applications to help address firms' trading and
corporate risk challenges and to manage their entire enterprise
risk profile.
Capital markets companies' partner
with KRM22 to optimise risk management systems and
processes, improving profitability and expanding opportunities
to increase portfolio returns by leveraging risk as
alpha.
KRM22 plc is listed on AIM and the
Group is headquartered in London, with offices in several of the
world's major financial centres.
See more about KRM22 at
KRM22.com