TIDMCNC
RNS Number : 4289J
Concurrent Technologies PLC
16 August 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THE
"ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,
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STATES OF AMERICA (OR TO ANY U.S. PERSON), CANADA, JAPAN,
AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS
RETAINED AND APPLICABLE IN THE UK PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (AS AMED AND AS MODIFIED FROM TIME TO TIME BY
OR UNDER DOMESTIC LAW). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
16 August 2023
Concurrent Technologies Plc
("Concurrent Technologies" or the "Company")
Proposed Acquisition of Phillips Machine & Welding Company,
Inc
Conditional Placing of 10,000,000 new Ordinary Shares to raise
GBP6.5 million
Proposed Retail Offer of up to 461,538 new Ordinary Shares to
raise up to GBP0.3 million
and
Notice of General Meeting
Concurrent Technologies (AIM: CNC), a world leading specialist
in the design and manufacture of high-end embedded computer
solutions for critical applications, is pleased to announce that it
has entered into a conditional agreement to acquire the entire
issued share capital of Phillips Machine & Welding Company, Inc
("Stryker") for an aggregate consideration of US$3.375 million
(approximately GBP2.64 million) (the "Acquisition"). Prior to
Completion of the Acquisition, the machine shop division of
Phillips Machine & Welding Company, Inc will be transferred out
of the business and, as a result, Concurrent Technologies will own
the Aerospace and Military division.
The Concurrent Technologies directors believe that the
Acquisition will progress the Company's strategic ambitions in the
Systems market, a market comprising of computer systems designed to
operate in harsh and demanding environments typically including
military, aerospace and industrial uses, and anticipated to be
valued at c.US$6.9 billion by 2033. The nature of the Systems
market provides a significant opportunity for future growth for
Concurrent Technologies, and Stryker holds aerospace industry
standard accreditation which is crucial in order to successfully
capture the identified opportunities.
Concurrent Technologies is also pleased to announce that,
primarily to finance the Acquisition, the Company has conditionally
raised total gross proceeds of GBP6.5 million by way of a
conditional placing of a total of 10,000,000 new ordinary shares of
1p each in the Company (the "Placing Shares") at an issue price of
65 pence per share (the "Issue Price") with new and existing
institutional investors (the "Placing").
In addition to the Placing, it is proposed that there will be a
separate conditional retail offer to existing investors via the
Bookbuild platform to raise up to GBP0.3 million (before expenses)
at the Issue Price (the "Retail Offer" and together with the
Placing, the "Fundraising"). A separate announcement will be made
in due course by the Company regarding the Retail Offer and its
terms. Those investors who subscribe for new Ordinary Shares
pursuant to the Retail Offer (the "Retail Offer Shares"), will do
so pursuant to the terms and conditions of the Retail Offer
contained in that announcement. For the avoidance of doubt, the
Retail Offer is not part of the Placing.
The Fundraising is conditional on, inter alia, shareholder
approval of certain resolutions (the "Resolutions") to be proposed
at a general meeting of the Company to be held at 11.00 a.m. BST on
4 September 2023 (the "General Meeting"). Cenkos Securities plc
("Cenkos") is acting as nominated adviser and sole broker in
connection with the Placing and as retail offer coordinator in
relation to the Retail Offer.
Pursuant to the Acquisition, the sellers, Randy Dunn (selling
through his trust nominee company Rose and Crane LLC), Donald
McKenna and Teri McKenna (the "Sellers"), will receive initial cash
consideration of approximately US$1.875 million (approx. GBP1.47
million) and US$1.5 million (approx. GBP1.17 million) by the issue
of 1,807,686 new Ordinary Shares at the Issue Price (the
"Consideration Shares") on Completion. In addition, certain
individuals in the existing Stryker business will be awarded
Concurrent Technologies share options under the existing Company
LTIP.
The Company will today be posting a circular to Shareholders
(the "Circular") detailing the Fundraising and Acquisition and
convening the General Meeting at which the Resolutions will be
proposed. The Circular will be available to view on the Company's
website shortly at https://www.gocct.com/investors/ .
Any term capitalised in this Announcement which is not also
defined shall have the same meaning as in the Circular.
Fundraising Highlights
The net proceeds of the Fundraising will be used primarily to
fund the Acquisition and the Company's strategic ambitions in the
Systems market. The proposed acquisition of Stryker is the first
acquisition since the new leadership team at Concurrent
Technologies has been in place and will materially advance a number
of the key strategic goals of the Company. The balance of the net
proceeds will provide additional liquidity to enable the Company to
be agile in capturing additional growth opportunities as they
arise.
Specifically, the Company intends to use the net proceeds of the
Fundraising as outlined below:
-- Stryker
o Settlement of the cash consideration for the Acquisition;
and
o Future investment to enhance the facilities capabilities and
production capacity of the US facility of Stryker.
-- Investment in Concurrent Technologies' broader Systems capability
o Continued investment in the Company's Systems capabilities
with a view to increasing the technical support infrastructure,
sales infrastructure, and supporting research and development
expertise to enable scaling up of the Systems operations.
-- Working Capital
o Supporting the working capital requirements of the Company
moving forward.
Stryker Acquisition
Stryker has a track record as a supplier to major defence
companies in the USA and including Boeing, Northrop Grumman and
Raytheon. Stryker's capabilities lie in the design and manufacture
of rugged systems which are constructed using plug in cards
("PICs") sourced from Concurrent Technologies and others and which
have the following capabilities:
-- Compute;
-- Storage;
-- Vision;
-- Data processing; and
-- I/O capability.
The Concurrent Technologies management team has identified
Stryker as an ideal acquisition target for this stage of the
Company's strategic development. Stryker was founded in 1973 and
has a long track record of working with defence industry prime
contractors. Stryker holds accreditation to aerospace industry
standards, which is critical to fully access the Systems market,
and complements the existing certification held by Concurrent
Technologies. The Acquisition includes Stryker's 14,000 sq/ft
manufacturing and office facility in California, from which a team
of 20 employees and contractors are engaged providing a permanent
base in the US from which the Company can operate and manufacture.
Accordingly, the Acquisition will significantly enhance the Board's
strategic goal of increasing the Company's US presence with a view
to enhancing both new and existing client relationships and US
market access.
Concurrent Technologies' management team believes that the
acquisition of Stryker will further its strategic ambitions in the
rugged systems market, which was valued at c.$2.3 billion in 2022
and is projected to grow at a compounded annual growth rate of 14.9
per cent to c.$6.9 billion by 2033. Systems generally is a new area
of operations for Concurrent Technologies, with the first revenues
realised in the current financial year ("FY23"). The Board believe
there is a significant opportunity, with the total addressable
market reaching c.$262.9 million in the defence sector alone for
systems in 2020. Having recently announced a significant Systems
contract win, the Board believes this is a key area for growth in
the future and have identified Stryker as an important target in
accelerating this growth.
The management team considers Stryker to be undercapitalised and
has identified a number of areas for investment in the existing
Stryker business which it believes will result in significant
growth in revenue for the acquired business and the enlarged group
as a whole. Concurrent Technologies will utilise its global sales
channels to leverage the Stryker product offering and will also
leverage Stryker's capabilities to increase its Systems market
presence in the short term.
The acquisition of Stryker will enable Concurrent Technologies,
as enlarged by Stryker, to significantly expand its in-house
capability, including the integration of components. Specifically,
the Acquisition will allow Concurrent Technologies to deliver
integrated Systems solutions, including the chassis and power
supply, for which it was previously reliant on the supply chain to
deliver. In addition, this will facilitate the increased
utilisation of the Company's existing PICs in the broader Systems
package.
For the avoidance of doubt, Phillips Machine & Welding
Company, Inc also has a machine shop business which is not subject
to the Acquisition.
Current Trading and Outlook
Concurrent Technologies recently published a trading update for
the six months to 30 June 2023 ("H1 FY23"). This update highlighted
that order intake in H1 FY23 remained strong at GBP14.5 million,
and that the Company had an order backlog of approximately GBP29
million as at 30 June 2023. This performance demonstrates the
significant progress that management has made with strategic
initiatives for growth including accelerated product development,
Systems capability, partnering, and a focus on home markets.
The Company has seen the continued easing of the global supply
chain shortages that had suppressed revenues in H1 FY23, albeit the
supply chain remained below historical norms. Lead times for
certain components had increased to c.40 weeks in 2022, and this is
now anticipated to reduce to less than 25 weeks from Q4 2023 for
certain components. This is a significant improvement; however,
management is monitoring supply chains carefully and managing the
Company's inventory levels in a prudent manner to enable the
delivery of the order backlog.
Accordingly, cash management continues to be an area of focus
for the Company with the working capital employed in the business
remaining higher than would be optimal for the Company's stage of
development but will normalise with the Company's continued
growth.
Management has identified a number of additional opportunities
in the Systems marketplace that are expected to start being
realised in H2 FY23. This will represent a new revenue stream for
the Company and the addition of Stryker will further enable the
Company's expansion in this sector. Overall, the business has
evolved over the past 18 months and the Company is now working on
more than 20 design win opportunities, a marked change in the
previously identified opportunity set.
Miles Adcock, CEO of Concurrent Technologies plc, commented:
"We are excited to announce the conditional acquisition of
Stryker and the accompanying Fundraising. Over the course of the
past 18 months the Board has taken the decision to invest in the
existing Concurrent Technologies platform to provide the base for
future growth and the Stryker acquisition continues this investment
by materially enhancing our capabilities within the Systems
market.
Whilst the supply chain issues still require careful management,
the Company is extremely well placed for the future. Trading in the
first half of FY23 delivered record revenues for equivalent
periods, with expectations for the full year exceeding all historic
results despite having to perform against the backdrop of shortages
of specific microchip components that has been a headwind for the
business for over 12 months. However, as recent component
deliveries have demonstrated, through continued careful management
we are successfully navigating these challenges.
The proceeds from the Fundraising will enable us to further
develop and build on our existing position in the market whilst
funding the Company in the delivery of our substantial order book.
Exciting times are ahead with the conditional acquisition of
Stryker bringing a depth of talent and capability into Concurrent
Technologies.
We are delighted with the support of a number of our existing
shareholders and are pleased to welcome new institutional investors
onto the register."
Enquiries:
Concurrent Technologies Plc
Miles Adcock, CEO
Kim Garrod, CFO +44 (0)1206 752626
SEC Newgate (Financial PR)
Bob Huxford +44 (0)20 3757 6880
Alice Cho
Matthew Elliot concurrent@secnewgate.co.uk
Cenkos Securities Plc (NOMAD
& Broker)
Neil McDonald +44 (0)131 220 9771
Peter Lynch +44 (0)131 220 9772
Background to and reasons for the Fundraising and
Acquisition
Concurrent Technologies is a leading specialist in the design,
manufacture and supply of innovative high-end embedded computer
products aimed at a wide base of customers within the defence,
telecommunications, aerospace, transport, scientific and industrial
markets.
Since the appointment of the current management team, there has
been a significant investment of capital into positioning the
Company for growth despite the ongoing challenges being navigated
in the global supply chains. This investment has been focused on
the Company's capabilities and inventory levels, with a focus on
R&D, the Systems market and growth in its home markets of the
US and UK.
The Company and management team are committed to an investment
in the Systems business. Having invested in specialist expertise in
FY22 and engaging in business development dialogue with potential
partners and customers, new initial orders were received in H2
FY22. This led to the signing of a new partnership agreement with
EIZO Rugged Solutions in December 2022 and a reseller agreement
with Alpha Data Parallel Systems Ltd in March 2023. In June 2023,
Concurrent Technologies announced the most significant Systems
contract win to date, an order worth in excess of GBP1 million in
total revenue with a FTSE 250 counterparty. The launch of Iris, a
Dual Enclave Switch Card, was announced in August 2023 which acts
as the system keystone to provide secure, high bandwidth switch
connections between each PIC, critical in ensuring they work
together in the most effective way possible. This further
demonstrates the Systems capabilities progression that Concurrent
Technologies is delivering to the market.
The Company's Systems capabilities are now able to service
significantly enhanced opportunities, addressing the bulk of a
niche within the rugged systems market that was estimated in 2022
to be worth c.$2.3 billion and growing to be worth c.US$6.9 billion
in 2033.
Details of the Fundraising and Placing Agreement
Details of the Placing
The Company has conditionally raised gross proceeds of GBP6.5
million through the placing of 10,000,000 Placing Shares at the
Issue Price with new and existing institutional investors. The
Issue Price represents a discount of 11 per cent. to the closing
price on 15 August 2023 of 73 pence per share (being the latest
practicable date prior to date of this Announcement).
In addition, certain of the Company's directors intend to
participate in the Placing at the Issue Price.
Name of Director Number of Placing Total Ordinary Total interest
Shares acquired Shares following in the enlarged
the Fundraising issued share capital
================== ================== ================== ======================
Mark Cubitt 50,000 70,000 0.082%
================== ================== ======================
Miles Adcock 61,538 61,538 0.072%
================== ================== ======================
Kim Garrod 15,000 15,000 0.018%
================== ================== ======================
Nat Edington 30,000 30,000 0.035%
================== ================== ======================
Pursuant to the placing agreement between the Company and Cenkos
dated 16 August 2023 (the " Placing Agreement "), Cenkos has
conditionally placed the Placing Shares with certain new and
existing institutional investors.
The Placing has not been underwritten by Cenkos or any other
party.
The Fundraising and Acquisition are conditional, with both being
conditional upon, inter alia, the passing by Shareholders of the
Resolutions at the General Meeting to provide authority for the
issue of the Placing Shares, Retail Offer Shares and Consideration
Shares (together, the "New Ordinary Shares"). For the avoidance of
doubt, Completion of the Acquisition is expected to take place
after the Placing, and the Placing is not conditional on the
Acquisition. In the unlikely event that the Placing is completed
and completion of the Acquisition does not then take place, the
Directors will assess the Group's ongoing funding needs and the
best use of the proceeds of the Fundraising, including for other
acquisition opportunities, taking account of Shareholders' best
interests.
The New Ordinary Shares, when issued, will be credited as fully
paid and will rank pari passu in all respects with the Company's
then existing Ordinary Shares, including the right to receive
dividends and other distributions declared on or after the date of
issue.
Application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM ("Admission").
It is anticipated that Admission will become effective, and that
dealings in the New Ordinary Shares will commence at 8.00 a.m. BST
on 5 September 2023. The Placing is conditional, in so far as
concerns the Placing Shares upon, among other things, the passing
of the Resolutions, Admission becoming effective, and the Placing
Agreement not being terminated in accordance with its terms prior
to Admission.
For the avoidance of doubt, if the Placing Agreement is
terminated prior to Admission then neither the Fundraising nor the
Acquisition will occur.
Details of the Retail Offer
The Company values its retail Shareholder base and believes that
it is appropriate to provide its existing retail Shareholders
resident in the United Kingdom the opportunity to participate in
the Retail Offer.
The Company is therefore making the Retail Offer available in
the United Kingdom through the participating financial
intermediaries which will be listed, subject to certain access
restrictions, on the following website:
https://www.bookbuild.live/deals/G61JD1/authorised-intermediaries .
Cenkos will be acting as retail offer coordinator in relation to
this Retail Offer (the "Retail Offer Coordinator").
Existing retail Shareholders can contact their broker or wealth
manager ("intermediary") to participate in the Retail Offer. In
order to participate in the Retail Offer, each intermediary must be
on-boarded onto the BookBuild platform, have an active trading
account with the Retail Offer Coordinator and have been approved by
the Retail Offer Coordinator as an intermediary in respect the
Retail Offer, and agree to the final terms and conditions of the
Retail Offer, which regulate, the conduct of the Retail Offer on
market standard terms and provide for the payment of commission to
any intermediary that elects to receive a commission and/or fee (to
the extent permitted by the FCA Handbook Rules) from the Retail
Offer Coordinator (on behalf of the Company).
Any expenses incurred by any intermediary are for its own
account. Investors should confirm separately with any intermediary
whether there are any commissions, fees or expenses that will be
applied by such intermediary in connection with any application
made through that intermediary pursuant to the Retail Offer.
The Retail Offer will be open to eligible investors in the
United Kingdom at 8.00 a.m. on 16 August 2023. The Retail Offer is
expected to close at 4.30 p.m. on 24 August 2023. Investors should
note that financial intermediaries may have earlier closing times.
The Retail Offer may close early if it is oversubscribed.
To be eligible to participate in the Retail Offer, applicants
must be a customer of one of the participating intermediaries
listed on the above website, resident in the United Kingdom and, as
at the date of this Announcement or prior to placing an order for
Retail Offer Shares, Shareholders in the Company, which may include
individuals aged 18 years or over, companies and other bodies
corporate, partnerships, trusts, associations and other
unincorporated organisations.
The Company reserves the right to scale back any order at its
discretion. The Company reserves the right to reject any
application for subscription under the Retail Offer without giving
any reason for such rejection.
It is vital to note that once an application for Retail Offer
Shares has been made and accepted via an intermediary, it cannot be
withdrawn.
The Retail Offer is conditional, inter alia , upon the Placing
becoming unconditional and Admission taking effect.
The Retail Offer is an offer to subscribe for transferable
securities, the terms of which ensure that the Company is exempt
from the requirement to issue a prospectus under Regulation (EU)
2017/1129 as it forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018 (as amended and as modified from time
to time by or under domestic law). The aggregate total
consideration for the Retail Offer will not exceed EUR8 million (or
the equivalent in pounds Sterling) and therefore the exemption from
the requirement to publish a prospectus, set out in section 86(1)
FSMA, will apply.
As set out above, a separate announcement will be made shortly
by the Company regarding the Retail Offer and its terms.
Acquisition Agreement
Pursuant to the Acquisition Agreement, Concurrent Technologies
Inc, a wholly owned subsidiary of the Company (the "Buyer"), has
conditionally agreed to acquire all of the issued and outstanding
shares in common stock in Phillips Machine & Welding Company,
Inc from the Sellers for an aggregate consideration of
approximately US$3.375 million (approximately GBP2.64 million) as
further detailed below. Prior to Completion the Sellers shall cause
Stryker to transfer Stryker's machine shop division out of Stryker,
such that at Completion Stryker shall not own the machine shop
division or any of its assets. In the year to 31 December 2022,
Stryker delivered US$1.86 million (approximately GBP1.46 million)
in revenue and incurred a loss of US$536k after tax. The Board
believes that there were one-off costs incurred during this period
which negatively impacted the profitability of the business and,
further, that there are clearly defined synergies and opportunities
to scale the Stryker business via the facilitation of Concurrent
Technologies global sales channels and access to capital.
Consideration
Subject to satisfying all of the conditions to Completion, the
total purchase price of approximately US$3.375 million will be
payable by Concurrent Technologies as consideration for the
Acquisition. The consideration will be satisfied as follows:
Upfront cash consideration* US$1.875 million (approx.
GBP1.47 million)
Allotment and issue of the Consideration US$1.500 million (approx.
Shares GBP1.17 million)
----------------------------------------- --------------------------
Total Consideration US$3.375 million (approx.
GBP2.64 million)
*The cash consideration is subject to adjustment if the
aggregate of actual cash, indebtedness, transaction expenses and
working capital differs from estimates provided three days before
closing.
In addition, Randy Dunn and Donald McKenna will be awarded
Concurrent Technologies share options under the existing Company
LTIP.
Conditions to Completion
Completion is conditional on, among other things, the Company
being in receipt of the Fundraising proceeds (the
"Conditions").
If the Conditions have not been met or waived (either by the
Buyer or the sellers as applicable) on or before 30 September 2023
(or such date as the buyer and the Sellers may agree) ("Acquisition
Long Stop Date") the Acquisition Agreement will terminate.
Undertakings of the Sellers up to Completion
The Acquisition Agreement contains certain undertakings given by
the Sellers to the Buyer restricting the conduct of the business
and affairs of Stryker during the period between the date of
execution of the Acquisition Agreement and Completion.
General Meeting
The Board is seeking the approval of Shareholders at the General
Meeting to allot the New Ordinary Shares.
The Notice of General Meeting, details of which are provided
above, will be set out at the end of the Circular.
The Fundraising is conditional, inter alia, on the passing of
the Resolutions by Shareholders at the General Meeting. If either
of the Resolutions are not passed at the General Meeting, the
Fundraising will not proceed and the Acquisition will not
complete.
Expected Timetable of Principal Events
Announcement of the Fundraising and 16 August 2023
Acquisition and posting of the Circular
Announcement of the Retail Offer 16 August 2023
Announcement of the result of the Retail 25 August 2023
Offer
Latest time and date for receipt of 11.00 a.m. on 2 September
Form of Proxy or CREST proxy appointment 2023
for the General Meeting
General Meeting 11.00 a.m. on 4 September
2023
Results of General Meeting announced 4 September 2023
Admission effective and dealings in 5 September 2023
the Placing Shares, Retail Offer Shares
and Consideration Shares expected to
commence on AIM
Where applicable, expected date for within 10 Business Days
dispatch of definitive share certificates following Admission
for Placing Shares, Retail Offer Shares
and Consideration Shares to be held
in certificated form
Completion of the Acquisition 6 September 2023
Each of the times and dates refer to London (UK) time and are
subject to change by the Company (with the agreement of Cenkos),
in which case details of the new times and dates will be notified
to the London Stock Exchange and the Company will, if appropriate,
make an announcement through a Regulatory Information Service.
Certain of the events in the above timetable are conditional
upon, inter alia, the approval of the Resolutions to be proposed
at the General Meeting.
Note to Editors:
About Concurrent Technologies Plc
Concurrent Technologies Plc develops and manufactures high-end
embedded Plug In Cards and Systems for use in a wide range of high
performance, long life cycle applications within the
telecommunications, defence, security, telemetry, scientific and
aerospace markets, including applications within extremely harsh
environments. The processor products feature Intel(R) processors,
including the latest generation embedded Intel(R) Core(TM)
processors, Intel(R) Xeon(R) and Intel Atom(TM) processors. The
products are d esigned to be compliant with industry specifications
and support many of today's leading embedded Operating Systems. The
products are sold world-wide.
For more information on Concurrent Technologies Plc and its
products please visit www.gocct.com .
All trademarks, registered trademarks and trade names used in
this Announcement are the property of their respective owners.
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Mark Cubitt
------------------------------- ----------------------------------
Reason for the Notification
2.
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a) Position/status Non-Executive Chairman
------------------------------- ----------------------------------
b) Initial notification/amendment Initial notification
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Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Concurrent Technologies Plc
------------------------------- ----------------------------------
b) LEI 213800422HXP2X6UPD94
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Details of the transaction(s): section to be repeated for
4. (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
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a) Description of the Ordinary shares of 1 pence each
Financial instrument,
type of instrument
------------------------------- ----------------------------------
Identification code GB0002183191
------------------------------- ----------------------------------
b) Nature of the Transaction Acquisition of Placing Shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------------
65 pence 50,000 ordinary shares
------------------------------- ---------- ----------------------
d) Aggregated information N/A - Single Transaction
Aggregated volume
price
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e) Date of the transaction 16 August 2023
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f) Place of the transaction AIM, London Stock Exchange
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Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Miles Adcock
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Reason for the Notification
2.
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a) Position/status Chief Executive Officer
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b) Initial notification/amendment Initial notification
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Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Concurrent Technologies Plc
------------------------------- ----------------------------------
b) LEI 213800422HXP2X6UPD94
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Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares of 1 pence each
Financial instrument,
type of instrument
------------------------------- ----------------------------------
Identification code GB0002183191
------------------------------- ----------------------------------
b) Nature of the Transaction Acquisition of Placing Shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------------
65 pence 61,538 ordinary shares
------------------------------- ---------- ----------------------
d) Aggregated information N/A - Single Transaction
Aggregated volume
price
------------------------------- ----------------------------------
e) Date of the transaction 16 August 2023
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f) Place of the transaction AIM, London Stock Exchange
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Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Kim Garrod
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Reason for the Notification
2.
-------------------------------------------------------------------
a) Position/status Chief Financial Officer
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b) Initial notification/amendment Initial notification
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Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Concurrent Technologies Plc
------------------------------- ----------------------------------
b) LEI 213800422HXP2X6UPD94
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Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares of 1 pence each
Financial instrument,
type of instrument
------------------------------- ----------------------------------
Identification code GB0002183191
------------------------------- ----------------------------------
b) Nature of the Transaction Acquisition of Placing Shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------------
65 pence 15,000 ordinary shares
------------------------------- ---------- ----------------------
d) Aggregated information N/A - Single Transaction
Aggregated volume
price
------------------------------- ----------------------------------
e) Date of the transaction 16 August 2023
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f) Place of the transaction AIM, London Stock Exchange
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Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Nat Edington
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Reason for the Notification
2.
-------------------------------------------------------------------
a) Position/status Non-Executive Director
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b) Initial notification/amendment Initial notification
------------------------------- ----------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Concurrent Technologies Plc
------------------------------- ----------------------------------
b) LEI 213800422HXP2X6UPD94
------------------------------- ----------------------------------
Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares of 1 pence each
Financial instrument,
type of instrument
------------------------------- ----------------------------------
Identification code GB0002183191
------------------------------- ----------------------------------
b) Nature of the Transaction Acquisition of Placing Shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------------
65 pence 30,000 ordinary shares
------------------------------- ---------- ----------------------
d) Aggregated information N/A - Single Transaction
Aggregated volume
price
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e) Date of the transaction 16 August 2023
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f) Place of the transaction AIM, London Stock Exchange
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ACQDGGDISDBDGXU
(END) Dow Jones Newswires
August 16, 2023 02:00 ET (06:00 GMT)
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