Director's subscription completes £1m fundraise

RNS Number : 9501K

Crossword Cybersecurity PLC

27 April 2020

 

Crossword Cybersecurity Plc

£1m Placing completed

Director's subscription

27 April 2020 - London, UK -Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused solely on cyber security and risk, is pleased to announce that following the issue of its 2019 Annual Report and Accounts earlier today, Tom Ilube, CEO and founder of Crossword, has subscribed for 73,914  Ordinary Shares of 5p each ("Ordinary Shares") on the same terms as the placing of 363,617 Ordinary Shares announced on 20 April 2020.  This completes the total fundraise of approximately £1 million through a placing and subscription of Crossword Ordinary Shares at a price of 230 pence per share.

Tom Ilube's subscription completes the Company's placing of 437,530 Ordinary Shares ("Placing Shares") to raise £1,006,319.  The Placing Shares will be issued under the Company's existing share allotment authorities.

Related Party Transaction

By virtue of its size, Tom Ilube's subscription constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The Independent Directors, being the Directors other than Tom Ilube consider, having consulted with the Company's Nominated Adviser, that the terms of Mr Ilube's subscription are fair and reasonable insofar as the Company's Shareholders are concerned.

Settlement and dealings

Application will be made for the admission of the 437,530 Placing Shares, which includes the 363,617 shares announced on 20 April and which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. Dealings on AIM are expected to commence at 8:00am on or around 4 May 2020 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Crossword will have 5,132,090 Ordinary Shares in issue with voting rights attached. Crossword holds no shares in treasury. This figure of 5,132,090  may be used by shareholders in the Company 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 DTRs.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Contacts

Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Tom Ilube, Chief Executive Officer

Mary Dowd, Finance Director

Grant Thornton (Nominated Adviser) - Tel: [phone]

Colin Aaronson / Jamie Barklem / Niall McDonald

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting.  The Group's specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group's aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword's leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers.  Nixer CyberML, Crossword's most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks.  Crossword's team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients' business needs.

For media enquiries contact:

Lorena Duke, GingerPR

[e-mail], 01932 485 300

 

END

 

 

IOEGCGDSCBDDGGR