Result of General Meeting

RNS Number : 3865W

Crossword Cybersecurity PLC

10 December 2019

 

Crossword Cybersecurity Plc

Result of General Meeting

10 December 2019 - London, UK - Further to its announcement of 21 November 2019, Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused solely on cyber security and risk, announces that, at its GM held today, the special resolution put to the meeting was passed unanimously.  As a result, the borrowing limits in the articles have been raised to the greater of £1.5m and 20% of the Adjusted Capital and Reserves (as defined by the Company's articles of association). 

Crossword will now conclude the loan agreements of £1.275m as announced on 21 November 2019, for which it now has binding commitments. The terms of the loans are as follows:

Term	Three years from the date of the loan agreement
Interest rate	12 per cent., payable quarterly in arrears
Early repayment	At the Company's sole option, subject to a minimum repayment amount of £10,000
Form of repayment	In cash, save that each lender may opt to convert part or all of their loan into Crossword ordinary shares of £0.05  each ("Ordinary Shares") at a price of 480 pence per Ordinary Share ("Conversion Price"), being the closing mid-price on 9 December 2019, being the last practicable date before the date of the loan agreements
Warrants	On repayment of the loans in cash, each lender will be issued warrants valid for three months to subscribe for Ordinary Shares representing 10 per cent. of the value of the Loan at the Conversion Price

The proceeds of the loans will be used for near to mid-term working capital requirements and to fund the Group's growth plans including continued sales of products and further product development.

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

 

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