TIDMCRDL
RNS Number : 9159U
Cordel Group PLC
31 March 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THIS
"ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,
INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, NEW ZEALAND OR ANY OTHER JURISDICTION IN
WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
("RESTRICTED JURISDICTION"). THIS ANNOUNCEMENT IS NOT AN OFFER OF
SECURITIES FOR SALE IN THE UNITED STATES. THE SECURITIES DISCUSSED
HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US
SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT") AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION
OR AN EXEMPTION FROM REGISTRATION UNDER THE US SECURITIES ACT. NO
PUBLIC OFFERING OF THE SECURITIES DISCUSSED HEREIN IS BEING MADE IN
THE UNITED STATES AND THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE AN OFFERING OF SECURITIES FOR SALE IN THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW
ZEALAND.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN CORDEL GROUP
PLC IN ANY JURISDICTION IN WHICH ANY SUCH, OFFER OR SOLICITATION
WOULD BE UNLAWFUL.
31 March 2023
Cordel Group plc
("Cordel" or the "Company")
Result of oversubscribed Placing to raise GBP1.7 million
Cordel Group plc (AIM: CRDL), the Artificial Intelligence
platform for transport corridor analytics, is pleased to announce
that, further to the announcement made at 5.36 p.m. on 30 March
2023, the Company has raised gross proceeds of GBP1.7 million
(before expenses) by placing 28,571,428 Placing Shares at a price
of 6 pence per Placing Share with new institutional, other and
existing investors.
The Placing is conditional on Admission becoming effective.
Admission and Total Voting Rights
Upon Admission, the Company will have 198,998,614 Ordinary
Shares in issue. The Company holds no Ordinary Shares in Treasury.
This figure 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.
The Placing Shares will represent approximately 14.36 per cent. of
the Company's Enlarged Share Capital.
Application is being made for the 28,571,428 Placing Shares to
be admitted to trading on AIM. Subject to the Placing Agreement not
having been terminated in accordance with its terms, it is
anticipated that admission of the Placing Shares will occur at 8.00
a.m. on or around 4 April 2023. The Placing Shares will rank pari
passu with the existing Ordinary Shares.
Capitalised terms not otherwise defined in this Announcement
shall have the same meaning ascribed to such terms in the
announcement released at 5.36 p.m. on 30 March 2023, unless defined
herein or the context requires otherwise.
Ian Buddery, Chairman, Cordel, said: "We're delighted with the
overwhelming support from UK investors for our USA expansion
strategy, as we build on the success of our Amtrak contract."
For further information please contact:
Cordel Group Plc c/o Zeus
Ian Buddery, Chairman
John Davis, Interim Chief Executive Officer
Zeus (Broker and Bookrunner) +44 (0)20 3829 5000
Simon Johnson (Broking)
Stuart Andrews / Alex Campbell-Harris
(Investment Banking)
Strand Hanson Limited (Nominated Adviser) + 44 (0)20 7409 3494
Richard Johnson / James Bellman
This Announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014, which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018 ( "MAR"
). Prior to publication, certain information contained within this
Announcement was deemed to constitute inside information for the
purposes of Article 7 of MAR. In addition, market soundings (as
defined in MAR) were taken in respect of the Placing with the
result that certain persons became aware of inside information (as
defined in MAR), as permitted by MAR. Due to the publication of
this Announcement, those persons that received inside information
in a market sounding are no longer in possession of such inside
information relating to the Company and its securities.
About Cordel
Cordel produces specialist hardware and software for capturing,
analysing and reporting on large datasets within the transport
sector, employing sophisticated artificial intelligence
algorithms.
Further information on the Company is available at:
www.cordel.ai
IMPORTANT INFORMATION
To the extent that this Announcement contains certain
forward-looking statements with respect to certain of the Company's
plans and its current goals and expectations relating to its future
financial condition and performance, a number of risks and
uncertainties exist. The Company cautions readers that any
forward-looking statement is no guarantee of future performance and
that actual results could differ materially from those contained in
the forward-looking statements.
A forward-looking statement can be identified by the fact that
they do not relate only to historical or current facts.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "predict" or other words of similar meaning.
Examples of forward-looking statements include, amongst others,
statements regarding or which make assumptions in respect of the
planned use of the proceeds of the Fundraising, the liquidity
position of the Company, the future performance of the Company,
future foreign exchange rates, interest rates and currency
controls, the future political and fiscal regimes in the overseas
markets in which the Company operates, the Company's future
financial position, plans and objectives for future operations and
any other statements that are not historical fact.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances,
including, but not limited to, economic and business conditions,
the effects of continued volatility in credit markets, market
related risks such as changes in interest rates and foreign
exchange rates, the policies and actions of governmental and
regulatory authorities, changes in legislation, the further
development of standards and interpretations under International
Financial Reporting Standards ("IFRS") applicable to past, current
and future periods, evolving practices with regard to the
interpretation and application of standards under IFRS, the outcome
of pending and future litigation or regulatory investigations, the
success of future acquisitions and other strategic transactions and
the impact of competition. A number of these factors are beyond the
Company's control. As a result, the Company's actual future results
may differ materially from the plans, goals, and expectations set
forth in the Company's forward-looking statements.
Any forward-looking statement made in this Announcement by or on
behalf of the Company speak only as of the date they are made.
These forward-looking statements reflect the Company's judgement at
the date of this Announcement and are not intended to give any
assurance as to future results. Except as required by the Financial
Conduct Authority of the UK ("FCA"), the London Stock Exchange Plc
("London Stock Exchange"), the AIM Rules or applicable law, the
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking
statements contained in this announcement to reflect any changes in
the Company's expectations with regard thereto or any changes in
events, conditions or circumstances on which any such statement is
based.
References to time in this Announcement are to London time,
unless otherwise stated.
Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this Announcement.
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END
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March 31, 2023 02:45 ET (06:45 GMT)
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