Proposed Equity Subscription

RNS Number : 3698A

Catena Group PLC

29 September 2020

 

The information communicated 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.

29 September 2020

Catena Group PLC

("Catena" or the "Company")

Proposed Equity Subscription

Catena Group plc (AIM: CTNA), the AIM listed investment vehicle, announces its intention to conduct a subscription of not less than 500,000 new ordinary shares of 1 pence each in the Company ("Subscription Shares") at a price of 50.0 pence per Subscription Share to raise a total of not less than £250,000 (the "Subscription"). The net proceeds of the Subscription will be used to provide working capital to the Company in support of its potential acquisition of Insight Capital Partners Limited ("Insight"), the data science and machine learning solutions company. As reported on 3 September 2020, Catena has begun discussions with the CEO of Insight with respect to Catena potentially acquiring the balance of the issued share capital of Insight.

Any potential acquisition of the balance of the issued share capital of Insight by Catena would constitute a reverse takeover under the AIM Rules and, as a result, Catena's shares were suspend effective 3 September 2020 until such time that: it has published the Admission Document; or any discussions relating to the potential purchase of the balance of the issued share capital of Insight have ceased.  The Subscription Shares will not therefore be admitted to trading on the AIM Market until such time that the current temporary suspension to trading of Catena's shares is lifted.

The Subscription Price represents a 15.3 per cent. discount to the closing price of Catena's shares on 2 September 2020, being the last trading day before the Company's shares were termporarily suspended from trading on the AIM Market.

 * ENDS *

This announcement has been released by Matthew Farnum-Schneider, Chief Executive, on behalf of Catena.

For further information, please visit www.catenagroup.co.uk or contact:

Catena Group PLC Matthew Farnum-Schneider	[phone]
Zeus Capital Limited (Nominated Adviser & Broker) David Foreman / Daniel Harris / Benjamin Robertson	[phone]
Newgate (Financial PR) Giles Croot / Robin Tozer	[phone] [e-mail]

 

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