TIDMCTEA
RNS Number : 3317X
Catenae Innovation PLC
04 May 2021
Catenae Innovation PLC
("Catenae" or the "Company")
Acquisition of Hyperneph Software Limited
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, announces that it has acquired a 51%
interest in Hyperneph Software Limited ("Hyperneph" or
"Acquisition") a company with whom Catenae has worked closely with
on its technology development over recent months.
The consideration for the Acquisition amounts to GBP320,000, of
which GBP270,000 will be satisfied in cash ("Cash Consideration")
and the balance of GBP50,000 will be satisfied by way of the issue
of new ordinary shares in the Company ("Equity Consideration").
The Cash Consideration will be satisfied from Catenae's existing
cash resources. The Equity Consideration will be satisfied by the
issue of new ordinary shares on or around 28 February 2022 at the
volume weighted average price of the Company's shares during the
previous 10 trading days.
Hyperneph, incorporated on 24 February 2020, is a software and
application development consultancy, focusing on digital
transformation. The rationale for the acquisition is to secure and
enhance the Company's ability to deliver innovative software-based
solutions leveraging Catenae's existing capabilities including task
management, proof of work, digital wallets, identity and digital
certification capabilities, allowing Catenae to provide a broader
portfolio of product and service offerings to support customers as
they pursue new ways of working with people located remotely in
distributed operations.
Tony Sanders is a former director of the Company and a director
and shareholder of Hyperneph. Alan Simpson, a former employee and
current advisor to the Company, is a shareholder in Hyperneph. The
new board of Hyperneph from completion of the acquisition will
comprise Tony Sanders, Nick Delacamp and Michelle Guerney.
Hyperneph currently provides the majority of its services to the
Company. Hyperneph has no material net assets and it is envisaged
that the majority of Hyperneph's future turnover will be with the
Company.
As Tony Sanders is a previous director of the Company, the
transaction is being deemed a related party transaction. The
Company's directors, all of whom are independent to the transaction
having consulted with the Company's nominated adviser, believe the
terms of the transaction are fair and reasonable insofar as
shareholders are concerned.
Guy Meyer, Chief Executive Officer of Catenae, said:
"The Acquisition will combine the experience and expertise of
both businesses, allowing our software development teams to operate
seamlessly enabling Catenae to develop broader and deeper
capabilities in distributed ledger technology, web and mobile
applications and data management techniques
"Hyperneph brings proprietary knowhow and new services including
IT consulting, customer support and data analysis which will enable
Catenae to expand its product offering and potentially enter new
markets. We look forward to working together over the coming
years."
- Ends -
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Chief Executive Officer of the Company and the Directors of
the Company are responsible for the release of this
announcement.
For further information please contact:
+44 (0)191 580
Catenae Innovation PLC 8545
Guy Meyer, Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
+44 (0)20 3463
Brandon Hill Capital Limited, Broker 5000
Andy Gutmann
+44 (0)20 3004
Yellow Jersey PR (PR & IR) 9512
Sarah Hollins / Annabel Atkins / Matthew McHale
Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media
and technology services. Catenae use the power of blockchain to
deliver solutions where its people-centric technology enables trust
and certainty allowing organisations to gain better control over
their operations, manage staff and safely welcome customers.
www.catenaeinnovation.com
About Hyperneph Software Limited
Hyperneph is a niche software and application development
consultancy with demonstrable expertise in solutions that require a
high degree of data audit or compliance. It creates bespoke web
applications, mobile apps, and specialises in identity and proof of
work. Due to the high levels of certainty and compliance required
in these application areas, many of Hyperneph's solutions utilise
Distributed Ledger Technology (Blockchain) to provide the required
auditability. Hyperneph also creates bespoke interactive data
visualisation tools that enable businesses to gain better
visibility and control of their operations.
http://Hyperneph.software
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking
statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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END
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