Appointment of Nominated Adviser

RNS Number : 5762J

Cordel Group PLC

28 April 2022

 

28 April 2022

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

Appointment of Nominated Adviser

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, is pleased to announce the appointment of Strand Hanson Limited ("Strand Hanson") as its Nominated and Financial Adviser with immediate effect. Arden Partners plc will continue to act as Broker to the Company.

Further to the announcements by Arden Partners Plc on 11 and 14 April 2022 regarding the loss of its nominated adviser status upon the completion of its recommended takeover, the Company has appointed Strand Hanson as its nominated adviser. Given the timing of the completion of the recommended takeover of Arden Partners Plc, the Exchange has agreed that subject to initial due diligence being undertaken, Strand Hanson Limited has until 5pm on 27 July 2022 to complete its full due diligence.

There can be no guarantee on the outcome of the full due diligence and its impact on Strand Hanson's decision to continue to act as nominated adviser. Accordingly, in such circumstances there is a risk that if the Strand Hanson does not continue to act as nominated adviser following completion of its full due diligence and the Company has not found an alternative nominated adviser, the Company's AIM securities may be suspended pursuant to AIM Rule 1. If within one month of that suspension, the Company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.

Notwithstanding the extension of time provided in respect of completing full due diligence obligations at engagement, Strand Hanson will continue to be subject to all the ongoing nominated adviser responsibilities under the AIM Rules for Nominated Advisers.

Enquiries:

Cordel Group PLC	c/o SEC Newgate
Ian Buddery, Chairman Nick Smith, CEO
Arden Partners plc Broker	[phone]
Richard Johnson / Ruari McGirr Strand Hanson Limited Nominated Advisor James Bellman	[phone]
SEC Newgate (Financial PR)	[phone]
Robin Tozer / Bob Huxford / George Esmond	[e-mail]

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai

 

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