First day of dealings on AIM

RNS Number : 1359Y

Glantus Holdings PLC

11 May 2021

 

11 May 2021

THIS ANNOUNCEMENT AND THE INFORMATION CONTAIINED HEREIN IS NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS NOT AND DOES NOT FORM PART OF AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION. INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION IN THE ADMISSION DOCUMENT PUBLISHED BY GLANTUS HOLDINGS PLC IN CONNECTION WITH THE ADMISSION OF ITS ORDINARY SHARES TO TRADING ON AIM.

GLANTUS HOLDINGS PLC

("Glantus" or the "Company")

ADMISSION TO AIM

AND

FIRST DAY OF DEALINGS

Glantus, the provider of Accounts Payable automation and analytics solutions, announces that admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange ("Admission") will become effective and dealings will commence at 8.00 a.m. today under the ticker "GLAN". The Company's ISIN is  IE00BNG2V304 . 

Glantus has successfully raised £10.0 million (gross) through an oversubscribed placing of 9,803,909 New Ordinary Shares at a price of 102 pence per share ("Issue Price") with institutional, VCT and other investors. A further £4.0 million was raised for existing holders through a placing of 3,921,567 existing Ordinary Shares at the Issue Price.

The New Ordinary Shares represent approximately 27 per cent of the Company's issued share capital. On Admission, the market capitalisation of the Company will be approximately £37.0 million.

Arden Partners is acting as Broker and Nominated Adviser to the Company on the fundraise and Admission.

Maurice Healy, CEO of Glantus, said : "We are delighted to announce our successful fundraise and admission to AIM, it is an important step in our development and provides an excellent platform for expansion. Based on growth forecast for the Accounts Payable automation market and an acceleration of digital business initiatives, we are extremely well placed to capitalise on the investment by companies into finance automation and analytics."

Glantus Overview

Glantus is an ISO 9001, ISO 27001 and ISO 27701 certified provider of Accounts Payable automation and analytics solutions. It utilises a technology that layers onto existing data systems and transforms and analyses data to improve finance automation, and deliver analytics and data science to business users. The Company has developed solutions which focus on three product areas: Active AP Discovery, Intelligent AP Automation and Advanced AP Analytics.

The Group's solutions are built on its proprietary Data Platform which allows for the capture of data providing automation, visualisation and advanced analytics. It offers on-demand reporting capabilities that enable various stakeholders in an organisation to make data-driven decisions. Moreover, the solution uses automation to improve efficiency and reduce user-related errors. The Directors believe that the Glantus difference is providing an end-to-end platform for Accounts Payable.

With two principal operational divisions covering EMEA and the US, these solutions are offered to over 300 customers, more than 50 of which Glantus classifies as Large Enterprises (including Fortune 500 companies and other large-multinationals). Customers are spread across industries such as healthcare, transportation, industrial products, manufacturing, distribution, telecoms, gaming & entertainment, education, consumer products, energy, property & construction, and business services.

The global Accounts Payable market is forecast to grow at 9.6% CAGR and estimated to be worth over €3 Billion by 2027.

The Directors believe that the Company is uniquely positioned to capitalise on the investment that businesses are now making in automation and believe that significant growth opportunities exist.

Through a combination of revenue growth and acquisitions it has established a presence in the Accounts Payable market. From 2019 to 2020 Revenues increased over 150% to €8.5m.  89% of 2020 revenues were recurring made up of a combination of subscriptions and transactional revenues.  The US contributed 47% of 2020 revenues, with 32% from the UK. 

Use of Proceeds

The net proceeds from the Placing to Glantus of approximately £8.3m will provide the Company with equity finance to support its growth strategy by investing in account management, sales and marketing, and will provide balance sheet strength for the Group to consider further M&A activity.

The Board

At Admission the Board comprises three executive Directors and three non-executive Directors.

Barry Townsley - Non-Executive Chairman

Barry Townsley CBE, founded Townsley & Co stockbroking business. He was a founder partner and is the current chairman of Hobart Capital Markets. He is director of Caprice Holdings Limited, vice-chairman of the Serpentine Gallery, London; patron of Trinity Hospice London; president of Weizmann Institute UK and member of the executive board in Israel.

Maurice Healy - Founder & Chief Executive Officer

Maurice Healy has over 30 years' experience in the technology sector. Since he founded Glantus in 2014, he has been instrumental in the Company's development and growth. He has responsibility to the Board for corporate strategy and appraisal of corporate investment projects. He oversees the integration of acquired businesses. He has led and listed other technology and telecoms companies. In 1997, he coordinated the admission and placing of shares of ITG Group PLC to the developing companies market in Dublin and AIM in London. In 1999; ITG Group PLC was admitted to the Official London Stock Exchange Lists and a placing and open offer of shares completed. In 2005, Calyx Group PLC, which he founded in 2002, was admitted to AIM.

Gráinne McKeown - Chief Financial Officer

Gráinne McKeown has over 20 years' experience of financial management in the technology sector. She joined the Group in 2017. From 2005 to 2017, she was chief financial officer with Threefold Project Management Limited. From 2002 to 2005, she held the position of financial controller at Calyx Group PLC. She worked with Zomax Limited from 1996 to 2002 in senior finance positions. Before that, she held financial positions with KAO Infosystems Limited and Organon Technika Limited. She is a member of the Association of Chartered Certified Accountants, having qualified as a certified accountant in 1994. Grainne is responsible for finance and HR globally.

Geoff Keating - Chief Technology Officer

Geoff Keating joined the business in 2017 and is responsible for technology direction and product development. He has over 30 years' experience in the technology sector. In 2016 he worked under a fixed-term contract as operations director with EI Systems, a document management solutions provider. From 2012 to 2015 he was chief technology officer at Milner Browne, a company that specialises in the SAP Business One ERP system. From 1994 to 2012 he was the owner and managing director of Input Systems Limited, a software development company that specialised in integrated business management systems. Before this, he held software development positions at Keysoft and Tomorrow's World.

Diane Gray-Smith - Non-Executive Director

Diane has a strong track record of leading the finance function within global organisations in the technology innovation space and has worked with businesses across a range of sectors, including the Financial Services and Media sectors. Since 2019, she has been global chief finance officer for TradeIX. From 2015 to 2018 she was executive vice president and global chief finance officer for Uphold Inc. In 2018, she was a founding partner of Public Mint Inc. where she currently serves as a non-executive director. From 2002-2015 she worked as an interim executive, advising company boards and managing finance functions. From 2000 to 2002, she was group finance director at The Media Group. From 1995 to 2000, she was chief financial officer at Coromin Continental Resources.

Tom Price - Non-Executive Director

Tom Price was a corporate financier for over 30 years and has held corporate finance roles advising growing businesses across a broad range of sectors. From 2018 to 2019, he worked with Arden Partners PLC as corporate finance director. From 2016 to 2018, he served as corporate finance director with Northland Capital Partners Limited. From 2013 to 2016, he was head of corporate finance with ZAI Corporate Finance Limited. From 2009 to 2012, he held senior positions at Westhouse Securities including those of corporate finance director, chief operating officer, acting chief executive officer and PLC board director. From 2002 to 2009, he worked as corporate finance director at Evolution Securities. From 1990 to 2002 he held the positions of corporate financier and director with Beeson Gregory Limited. He is also treasurer and arts adviser to Cockayne - Grants for the Arts and a trustee of the Braintree Museum Trust.

The Company's Admission Document can be found on its website at www.glantus.com /investors/ .

Total voting rights

Following Admission, the total number of Ordinary Shares in issue will be 36,275,431, each with equal voting rights. The Company does not hold any rights in treasury. The total voting rights figure can be used by Shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change of their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Capitalised terms used in this announcement shall, unless the context provides otherwise, have the same meaning as defined in the Admission Document.

For further Information, contact :

Glantus Holdings plc  [phone]

Maurice Healy, CEO

John Fallon, VP Marketing

[e-mail]

Arden Partners plc  [phone]

Nominated Advisor and Broker

Ruari McGirr / Richard Johnson (Corporate)

Simon Johnson (Broking) 

Flagstaff Strategic and Investor Communications

Tim Thompson  + 44 7710 718 649

Mark Edwards

Fergus Mellon

[e-mail]

Editor Notes:

Glantus (AIM:GLAN) is a global provider of Accounts Payable automation and analytics solutions. Our mission is to simplify data to drive constant innovation. The award-winning Glantus Data Platform provides an end-to-end AP solution that layers onto existing systems eliminating cost and delivering new revenue streams. Glantus has over 300 customers across more than 50 countries, including Fortune 500 brands and large multi-nationals.

IMPORTANT INFORMATION

This announcement does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any common shares or other securities in the United States, Canada, Australia, Japan or the Republic of South Africa or in any other jurisdiction in which such offer or solicitation is unlawful, prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. The distribution of this announcement and other information in connection with the Placing and Admission in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither this announcement nor any part of it nor the fact of its distribution shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever. 

Arden Partners plc ("Arden"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company as Nominated Adviser and Broker in connection with the Placing and Admission, and will not be responsible to any other person for providing the protections afforded to customers of Arden or advising any other person in connection with the Placing and Admission. Arden's responsibilities as the Company's Nominated Adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers will be owed solely to the London Stock Exchange and not to the Company, the directors or to any other person in respect of such person's decision to subscribe for or acquire ordinary shares. Apart from the responsibilities and liabilities, if any, which may be imposed on Arden by the Financial Services and Markets Act 2000 or the regulatory regime established under it, Arden does not accept any responsibility whatsoever for the contents of this announcement, and no representation or warranty, express or implied, is made by Arden with respect to the accuracy or completeness of this announcement or any part of it and no responsibility or liability whatsoever is accepted by Arden for the accuracy of any information or opinions contained in this announcement or for the omission of any material information from this announcement. 

This announcement may include statements that are, or may be deemed to be, "forward-looking statements".  These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology.  These forward-looking statements include matters that are not historical facts.  They appear in a number of places throughout this announcement and include statements regarding the directors' current intentions, beliefs or expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and the Company's markets.  By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.  Actual results and developments could differ materially from those expressed or implied by the forward-looking statements.  Forward-looking statements may and often do differ materially from actual results.  Any forward-looking statements in this announcement are based on certain factors and assumptions, including the directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy and liquidity.  Whilst the directors consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect.  Save as required by applicable law or regulation, the Company undertakes no obligation to release publicly the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the directors' expectations or to reflect events or circumstances after the date of this announcement. 

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.

 

END

 

 

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