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 70,093 new
ordinary shares of 10 pence each in the Company ("Ordinary
Shares"), representing 0.2% 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$525k 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 has been made for the
new Ordinary Shares to be admitted to trading on AIM and dealings
are expected to commence on 15 January 2025.
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
36,030,822. The Company does not hold any shares in treasury.
Accordingly, the figure of 36,030,822 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 / Rory Sale (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
