Issue of Equity

Source: RNS
RNS Number : 8073A
KRM22 PLC
19 August 2024
 

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 93,458 new ordinary shares of 10 pence each in the Company ("Ordinary Shares"), representing 0.3% 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$665k 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 21 August 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 35,899,981. The Company does not hold any shares in treasury. Accordingly, the figure of 35,899,981 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

 

 

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