Proposed Secondary Placing of Existing Shares

RNS Number : 5036V

Pelatro PLC

09 April 2019

 

Pelatro Plc

("Pelatro", the "Company" or the "Group")

Proposed Secondary Placing of Ordinary Shares in Pelatro

Pelatro Plc (AIM: PTRO), the global Multichannel Marketing Hub software specialist, announces that it has been advised by Suresh Yezhuvath, a significant shareholder of the Company (the "Seller"), that he intends to sell approximately 2,280,000 ordinary shares of 2.5 pence each in the Company ("Ordinary Shares"), at a price of 80 pence per share (the "Placing Shares"). The Placing Shares represent approximately 7.0 per cent. of the voting rights of Pelatro (the "Secondary Placing").

The proceeds of the sale by Mr. Yezhuvath will be used to fund his charitable work outside of the Company. Following the sale, Mr. Yezhuvath will hold 14,613 Ordinary Shares representing 0.04 per cent. of the Company's issued share capital.

Suresh is the brother of the Company's CEO and founder Subash Menon and also Sudeesh Yezhuvath, Executive Director of the Company. Suresh has no operational role in the Group, nor is he employed by the Company, and since the founding of the Company in 2013, he has been a passive shareholder.

In addition, Subash Menon and Sudeesh Yezhuvath and their related parties have committed not to dispose of any shares in the Company for a period of at least 12 months.

A further announcement will be made shortly.

For further information contact:

Pelatro Plc
Subash Menon, Managing Director & CEO	c/o Walbrook PR
Nic Hellyer, Finance Director
finnCap Limited (Nominated Adviser and Broker)	[phone]
Carl Holmes/Kate Bannatyne/Matthew Radley
Walbrook PR Advisors	[phone]
Paul Cornelius/Nick Rome

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Notes to editors

The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.

Pelatro provides its "mViva" platform for use by customers in B2C applications, and is well positioned in the Multichannel Marketing Hub space (MMH) - this is technology that orchestrates a customer's communications and offers to customer segments across multiple channels to include websites, social media, apps, SMS, USSD and others.

For more information about Pelatro, visit www.pelatro.com 

 

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