Catena Group PLC Corporate Update (5355R)
March 08 2021 - 09:20AM
UK Regulatory
TIDMCTNA
RNS Number : 5355R
Catena Group PLC
08 March 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
8 March 2021
Catena Group PLC
("Catena", the "Company" or the "Group")
Corporate Update
Catena Group Plc (AIM:CTNA) is pleased to announce the following
corporate updates on its proposed acquisition of Insight Capital
Partners Ltd ("Insight").
Acquisition of Insight
Good progress continues to be made on the proposed acquisition
of Insight. The share purchase agreement and other legal
documentation are at an advanced stage, due diligence has largely
been completed and all other "IPO" workstreams are progressing
well. In the coming weeks, the Directors expect to publish an
admission document, including a circular to shareholders and notice
of general meeting, to approve among other things, the proposed
acquisition of Insight. Accordingly, the ordinary shares of Catena
will remain suspended from trading on AIM until the publication of
said admission document.
Insight corporate update
Insight's shift from a consultancy based model to product sales
is progressing well with the launch of a number of new products and
a strong pipeline of potential customers. The company has agreed
its first license of Portfolio Insights, Insight's new multi-asset
machine learning platform for investment strategy and portfolio
interrogation, with a large European asset manager.
Insight is also pleased to have recently appointed Sachin
Kachhla as Director of Sales. Sachin is based in New York and
brings extensive experience within financial technology sales. Most
recently Sachin held the position of Managing Director, Head of
Sales for Indus Valley Partners based in the USA. Sachin
specialises in sales of financial technology for the alternative
and traditional asset management space. Prior to Indus Valley
Partners, Sachin held the position of Director of Business
Development at Eze Software Group. Sachin will oversee Insight's
global sales efforts and will particularly support the continued
expansion of its US client base.
Appointment of CFO
Catena is pleased to announce the appointment of Ashley Humphrey
as non-board Chief Financial Officer ("CFO"). She will serve as CFO
of the enlarged group post completion of the acquisition of
Insight.
Ashley has extensive experience in a variety of finance
functions for Aon, including overseeing Aon Singapore's accounts
reporting for total operating revenue of $1bn annually. Most
recently Ashley held the role of Head of Finance EMEA, based in
Aon's headquarters in London. Whilst at Aon, Ashley gained her
qualifications as a Certified Public Accountant, Certified
Management Accountant and a Chartered Global Management
Accountant.
Loan to Insight Capital Partners Ltd
In light of the numerous commercial opportunities at Insight,
the Board announces that Catena has entered into a short-term
shareholder loan agreement with Insight on 8 March 2021 (the
"Loan"). The Loan provides a facility to Insight for up to
GBP400,000, is unsecured and is repayable on demand at any time.
The Loan may be drawn down by Insight in part or in full and
attracts an interest rate of 3% above the Bank of England's Bank
Rate. Interest is accrued daily and payable on the repayment
date.
As announced on 28 January 2021, Catena's cash balance as at 31
December 2020 stood at GBP1,032,000.
Related Party Transaction
Matthew Farnum-Schneider is a director of both Catena and
Insight and as such the Loan is considered to be a related party
transaction under the AIM Rules. John Murray, David Coldbeck, David
Hillel and John Zucker are considered to be independent directors
of the Company for the purposes of AIM Rule 13 (the "Independent
Directors"). Having consulted with the Company's nominated adviser,
Zeus Capital, the Independent Directors consider that the terms of
the Loan are fair and reasonable insofar as Catena's shareholders
are concerned.
Matthew Farnum-Schneider, Chief Executive of Catena
commented:
"I'm very pleased with the progress we've made, not only in
terms of bringing together Catena and Insight but in terms of the
recent product achievements. Strengthening and broadening the teams
only adds to this exciting potential. I look forward to sharing
further details as soon as possible."
* ENDS *
For further information, please visit www.catenagroup.co.uk or
contact:
Catena Group PLC
Matthew Farnum-Schneider, Chief Executive +44 (0)20 3744 0900
Zeus Capital Limited (Nominated Adviser
& Broker)
David Foreman / Daniel Harris / Rishi Majithia +44 (0) 203 829 5000
SEC Newgate (Financial PR) +44 (0) 7540 106 366
Robin Tozer catena@secnewgate.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDKFBDPBKDCNK
(END) Dow Jones Newswires
March 08, 2021 10:20 ET (15:20 GMT)
Ultimate Sports (LSE:USG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ultimate Sports (LSE:USG)
Historical Stock Chart
From Mar 2023 to Mar 2024