Home » Posts tagged 'john farthing'
Tag Archives: john farthing
Catenae Innovation #CTEA – Half Year Report
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, is pleased to announce its half-yearly report for the six months ended 31 March 2020.
Financial overview
· The results for the half year are set out in full below and show a loss of £364,013 (2018: £503,233) with revenues of £19,892 (2018: £68,857).
· Shareholders approved a consolidation of share capital which enabled a fund raise of £153,000 and conversion of £404,250 liabilities to shares resulting in an improved balance sheet with net liability position of £533,840 (2018: £399,980) compared to the year-end position of £727,077.
Operational overview
· Renewal of contract with Southend United Community and Educational Trust for “OnSide”, Catenae’s centralised management tool specifically developed for sports organisations.
Post period end
· Development of the Cov-ID app, a joint initiative by a consortium of companies led by Z/Yen Group Limited to build a COVID-19 status verification passport.
· Partnership agreement with Newcastle Premier Health Limited, an occupational health and wellness business based in the North East of England, to pilot the Cov-ID app
· Kevin Everett stepped down as Interim Non-executive Chairman
· Appointment of Brian Thompson and John Farthing to the Board as Non-executive Chairman and Chief Financial Officer respectively
· Appointment of Brandon Hill Capital Limited as sole corporate broker
· As at 26 June 2020 the Company had cash balance of just over £1.0m
Guy Meyer, Interim Chief Executive Officer of Catenae, said: “Significant progress has been made during the period under review towards implementing the Group’s revised strategy following the corporate restructuring that took place in 2019, and we have seen this momentum continue to date.
“We are delighted that the Cov-ID app that Catenae has developed as its commercial contribution to the consortium led by Z/Yen Group Limited completed the recent pilot trail with our clinical partner, Newcastle Premier Health Limited, as part of their Access Control Programme. The app should shortly be ready to be marketed for the benefit of businesses and organisations as Covid-19 restrictions begin to ease.
“Our recent fundraises have provided us with the funds required to continue to explore further opportunities. We look forward to keeping the market updated with our progress.”
Chief Executive’s Statement
Business and performance review
Following the successful corporate restructuring and business stabilisation process carried out by the Board in 2019, Catenae was able to focus its efforts on delivering on its new strategy in the six months to 31 March 2020, by innovating its products and exploring new opportunities for growth. This positive momentum has continued post period end, with two new Board appointments and a number of projects underway.
Catenae’s principal trading activity is providing services to clients operating in the Facilities Management sector along with customers, partnered with football and rugby clubs, who offer local engagement services on behalf of local authorities. All the Company’s products use Distributed Ledger Technology which provides clients with immutable audit trails providing evidence that contracted services are fulfilled. The Company’s service mitigates risk as operative activities are geo-tagged and date and time stamped in an immutable form.
As announced on 19 December 2019, the Company renewed its contract with Southend United Community and Educational Trust for “OnSide”, Catenae’s centralised management tool specifically developed for sports organisations. The solution deals with all the key elements of community coaching from scheduling of staff and timesheet processing through to attendee management and reporting to internal and external stakeholders, all in a GDPR compliant platform.
COVID-19
Post period end, the Company has been exploring a number of opportunities across a range of sectors to leverage its technical solutions. Catenae joined a consortium led by Z/Yen Group Limited (“Z/Yen”) with the objective of building a GDPR-compliant identity documentation exchange system, “Cov-ID”, to record and share an individual’s Covid-19 test status. Considerable progress has been made in the development of the app, which was recently trialled by the Group’s occupational health and wellness partner in the North East of England, Newcastle Premier Health Limited, in its proof of concept pilot. Catenae expects the app to be ready to be rolled out commercially over the coming weeks as activity begins to return to a semblance of normality.
Notwithstanding the current market developments in relation to the COVID-19 pandemic, the Company has confidence in its business continuity arrangements. At the end of January 2020, the Company ceased to rent offices, with all employees working remotely. Currently, where needed, all business meetings are held using video conferencing platforms. The Company sees that for the foreseeable future, this will now be standard operational practice. Catenae’s technical solutions continue to be used effectively with customers and partners, an approach which contributes to the Company’s resilience in the current circumstances.
Board and management
Catenae welcomed Brian Thompson and John Farthing to the Board as Non-executive Chairman and Chief Financial Officer, respectively, on 24 April 2020. Their wealth of experience, expertise and business network will add considerable benefit to the Company as we execute our strategy going forward.
Kevin Everett, Interim Non-executive Chairman since 17 July 2019 and Non-executive Director since 16 May 2013, stepped down from his role on 24 April 2020 to pursue other business interests. On behalf of the Board, I would like to thank Kevin for his hard work and support during an important period.
Outlook
Catenae has entered H2 2020 in a stable position and with a streamlined and resilient business model to capitalise on the opportunities that are presenting themselves. The COVID-19 pandemic presents us all with an unprecedented challenge, however the Group is confident in its ability to continue to provide its customers and partners with its technical solutions in an efficient manner.
The Company has a pipeline of opportunities ahead to expand its network of clients and to provide its technical solutions to a wider audience, and the Board looks forward to updating the market on its progress in due course.
Guy Meyer
Interim Chief Executive Officer
Catenae Innovation #CTEA – Annual Report, Trading & COVID-19 Update
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, provides the following update in relation to its Annual Report and Accounts, Trading and COVID-19.
Annual Report and Accounts
Due to the current COVID-19 outbreak, the Company will be unable to post its annual audited accounts to shareholders for the year to 30 September 2019 by the 31 March 2020 deadline pursuant to AIM Rule 18.
Further to the guidance provided by AIM Regulation in “Inside Aim” on 26 March 2020, the Company requested an additional period of up to three months to publish its annual audited accounts for the year ended 30 September 2019.
AIM Regulation has granted the extension, and therefore the Company will publish its annual audited accounts to 30 September 2019 by 30 June 2020. Catenae has also applied for and been granted an extension to delay the filing of its audited annual accounts by Companies House until 30 June 2020.
Trading and COVID-19 update
Catenae’s principal trading activity is providing services to clients operating in the Facilities Management sector along with customers, allied to football and rugby clubs, who offer local engagement services on behalf of local authorities. All the Company’s products use Distributed Ledger Technology which provide clients with audit trails proving that contracted services are fulfilled. The Company’s service mitigates risk as operative activities are geo-tagged and date and time stamped in an immutable form.
Given the Company’s recent corporate restructuring, unaudited accounts show a loss for the year to 30 September 2019 of £789,565 (2018: £1,106,788) on turnover of £102,549 (2018: £157,218). Further to the announcements in December 2019 regarding trading performance and working capital requirements, the Company acknowledges that both sets of results are disappointing. Further cost-cutting measures have been implemented.
The Company is closely monitoring the impact of the COVID-19 virus. The wellbeing and safety of our staff is of primary importance. Catenae’s workforce work remotely and the Company’s technology product continues to be used effectively with customers and partners. This approach contributes to Company resilience in the current circumstances.
Catenae has previously announced that Brian Thompson and John Farthing will be appointed as directors to the Company, subject to regulatory approvals. The Company anticipates that both these appointments will be made soon.
Guy Meyer, Interim Chief Executive Officer, said:
“Following the corporate restructuring last year, the Board recognises that both of the results are disappointing. However, we are pleased to report the new short term funding. It is also encouraging in current market conditions that the Company shortly moves into the second year of a three-year contract with Charlton Athletic Community Trust. Catenae continues to innovate its products so that following the easing of restrictions and less economic uncertainty, the Company will be in a better position to compete. The Board also looks forward to Brian and John joining the Board in the near future adding their considerable wealth of experience and expertise.”
– Ends –
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.
For further information please contact:
|
Catenae Innovation PLC |
+44 (0)20 7929 7826 |
|
Guy Meyer, Interim Chief Executive Officer
|
|
|
Cairn Financial Advisers LLP (Nominated Adviser) |
+44 (0)20 7213 0880
|
|
Liam Murray
|
|
|
Turner Pope Investments (TPI) Limited Broker |
+44 (0)20 3657 0050 |
|
Andrew Thacker Zoe Alexander |
|
|
Yellow Jersey PR (PR & IR) |
+44 (0)20 3004 9512
|
|
Sarah Hollins |
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as ‘anticipates,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
Catenae Innovation #CTAE – Subscription, conversion of existing liabilities, conditional issue of warrants and proposed directorate change
Following the recent announcements about the Company’s weak working capital position Catenae announces that it has issued 75,000,000 new ordinary shares in the Company by way of a subscription and conversion of existing liabilities in the Company. The shares to be issued pursuant to the subscription and conversion will use the shareholder authorities granted at the general meeting held by the Company on 23 December 2019.
Subscription and conditional issue of warrants
The Company has raised £153,000 through the subscription (the “Subscription”) for 38,250,000 new ordinary shares (“Subscription Shares”) at a price of 0.4 pence per share (the “Subscription Price”). The Subscription Shares are subject to a six-month lock-in expiring six months following their issue. The Subscription Shares represent circa 35.7 per cent. of the enlarged share capital.
The Company has agreed, subject to shareholder approval at a forthcoming General Meeting of the Company, to issue each subscriber a warrant to subscribe for the same number of ordinary shares subscribed for in the Subscription (“Subscription Warrants”). The Subscription Warrants are exercisable for a period of 2 years from issue at the Subscription Price. Subscription Warrants over 38,250,000 ordinary shares have been conditionally issued.
Guy Meyer, Interim CEO and a director of the Company, has subscribed for 2,000,000 (£8,000) shares in the Subscription and pursuant to the AIM Rules, is a related party transaction (the “Transaction”). Independent Director, Kevin Everett, having consulted with the Company’s Nominated Adviser, believes that the terms of the Transaction are fair and reasonable insofar as shareholders are concerned.
Conversion and conditional issue of warrants
Certain of the Company’s creditors have agreed to convert their existing liabilities into ordinary shares (the “Conversion”). Consequently the Company has issued 36,750,000 new ordinary shares at a price of 1.1p per share (the “Conversion Shares”) in order to settle aggregate liabilities of £404,250. The Conversion Shares are subject to a six-month lock-in expiring 6 months following their issue. The Conversion Shares represent circa 18.8 per cent. of the enlarged share capital.
The Conversion has the impact of strengthening the Company’s Balance Sheet and allows the Company to use its cash resources to fund current and potential trading opportunities.
The Company has conditionally agreed to grant warrants over 20,159,091 new ordinary shares to certain creditors in relation to the Conversion (“Conversion Warrants”). The Conversion Warrants are exercisable for a period of 2 years from issue at the Subscription Price. The issue of the Conversion Warrants is subject to shareholder authorities being granted at a forthcoming General Meeting of the Company.
Included in the Conversion detailed above is the issue of 1,158,3649 ordinary shares to Cloisters Capital LLP (“Cloisters” or “Cloisters’ Conversion”). Cloisters is an entity controlled by John Farthing, Chief Financial Officer. Mr Farthing is not a director of the Company. Mr Farthing is considered a PDMR (Person Discharging Management Responsibility). The conversion is in relation to professional fees owed to Cloisters. Further details of the issue are set out in a table at the end of this announcement.
The Cloisters’ Conversion is considered a related party transaction pursuant to the AIM Rules as Mr Farthing is a director of a joint venture of the Company. The directors of the Company, having consulted with the Company’s nominated adviser, believe that the terms of the Cloisters’ Conversion are fair and reasonable insofar as shareholders are concerned.
Admission of Shares to Trading on AIM
Application has been made for the 75,000,000 new ordinary shares, constituting the Subscription Shares and the Conversion Shares, to be admitted to trading on AIM, which is expected to occur on or around 6 February 2020. The 75,000,000 new ordinary shares will rank pari passu with the existing ordinary shares.
Proposed Directorate Change
Brian William Thompson has subscribed for 25,000,000 new ordinary shares in the Subscription and, in addition, has been issued 5,681,818 Conversion Shares in relation to a creditor balance owed to him, which, when aggregated with his existing holding in the Company, will represent circa 29.0 per cent of the enlarged issued share capital.
It is intended that, subject to the completion of normal regulatory due diligence, Mr Thompson will be appointed as a non-executive director of the Company.
Mr Thompson is an entrepreneur and is the founder owner of Newcastle-based B.T.I.C. Ltd, a successful business that has operated in the insurance industry since 1985. He is also a director of Third Eye Neurotech Ltd.
Further disclosure on Mr Thompson will be made in due course.
Working capital update
The Subscription and Conversion eases the Company’s immediate working capital position and provides the Company with funds to continue trading and meet its liabilities as they fall due in the short term. The directors estimate that the Company will be likely to need to raise further funds by 31 March 2020. The Company will shortly convene a General Meeting seeking the requisite shareholder authorities to, inter alia, issue new shares.
The Company’s balance sheet has been further strengthened as a result of circa £130,000 payroll related liabilities having being waived.
The current directors have also reduced their remuneration to conserve the cash resources of the Company.
Following the Subscription, Conversion and waiver of payroll related liabilities as described above, the Company’s working capital position will still need to be carefully managed.
General Meeting
As stated above, the Company will be seeking the consent of shareholders at a General Meeting for, inter alia, renewed authorities for directors to be able to issue further shares and the grant of the Conversion Warrants.
Total voting rights
The Company’s total issued share capital prior to this announcement was 32,236,017 ordinary shares of 0.2p each.
Following the Subscription and Conversion described above the Company’s total issued share capital will comprise 107,236,017 ordinary shares. The above figure may be used by shareholders as the denominator for 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 Disclosure and Transparency rules.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer (Interim Chief Executive Officer).
|
Catenae Innovation Plc Guy Meyer
|
Tel: 020 7929 7826 |
|
|
Cairn Financial Advisers LLP, Nominated Adviser Liam Murray / Jo Turner
|
Tel: 020 7213 0880 |
|
|
Tel: 020 3657 0050 |
|
|
Yellow Jersey, PR & IR Adviser |
||
|
Charles Goodwin |
Tel: 020 3004 9512 |
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as ‘anticipates,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
|
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 |
|||||||
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
||||||
|
a. |
Name |
(1)John Farthing (2) Guy Meyer |
|||||
|
2 |
Reason for notification |
||||||
|
a. |
Position/Status |
(1) Chief Financial Officer (2) Interim CEO |
|||||
|
b. |
Initial notification/ Amendment |
Initial notification |
|||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||
|
a. |
Name |
Catenae Innovation plc |
|||||
|
b. |
LEI |
2138007I2D8YWPMSP544 |
|||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
||||||
|
a. |
Description of the financial instrument, type of instrument Identification Code |
GB00BKM6CG53 |
|||||
|
b. |
Nature of the transaction |
Issue of ordinary shares |
|||||
|
c. |
Price(s) and volume(s) |
||||||
|
Price(s) per share |
Volume(s) |
||||||
|
(1) 1.1 pence (2) 0.4 pence
|
(1) 1,158,369 (2) 2,000,000 |
||||||
|
|
|||||||
|
d. |
Aggregated information
– Aggregated Volume
– Price |
(1) 1,158,364 (2) 2,000,000
(1) 1.1 pence (2) 0.4 pence
|
|||||
|
e. |
Date of the transaction |
31 January 2020 |
|||||
|
f. |
Place of the transaction |
AIM |
|||||
Catenae Innovation #CTEA – Placing, Appointment of Joint Broker, Issue of Warrants & Related Party Transaction
Catenae (AIM: CTEA), the AIM-quoted provider of digital media and technology, is pleased to announce a placing and subscription for a total of 575,000,000 new ordinary shares of 0.10 pence per share in the Company at a price of 0.10 pence per share (“Placing Shares”) for gross proceeds of £575,000 (“the Placing”).
The Placing Shares have been issued at the prevailing market mid-price and the Placing includes further investment from an existing institutional investor to maintain its percentage holding.
Certain directors and senior managers have participated in the Placing, which is a related party transaction, further details of which is set out below.
Issue of Warrants
The Company is also issuing one warrant for every one Placing Share issued at an exercise price of 0.125p which may be exercised up to three years from the date of issue. If exercised, the warrant holder will be entitled to receive a further warrant exercisable at 0.15p which may be exercised for a further two-year period (together, the “Placing Warrants”).
The Placing Warrants will not be listed and will be part-issued (approximately 50 per cent.) on Admission of the Placing Shares and part subject to approval of authorities being granted at an Extraordinary General Meeting, notice of which is provided supplementary to this statement.
Appointment of Joint Broker
The Company is pleased to announce that Turner Pope Investments Limited (“TPI”) has been appointed Joint Broker with immediate effect.
The Placing was undertaken by TPI which has agreed to receive the majority of their broking fee in shares at the Placing Price and, accordingly, a further 20,000,000 ordinary shares (“Fee Shares”) will be issued.
Admission
Application will be made for the 595,000,000 new ordinary shares to be admitted to trading on AIM, which is expected to occur on or around 5 March 2019. The 595,000,000 new ordinary shares will rank pari passu with the existing ordinary shares of Catenae.
Following Admission of the Placing Shares and Fee Shares, the Company will have in issue 3,173,601,652 ordinary shares with voting rights. The Company holds 83,333,332 ordinary shares in treasury. The above figure of 3,173,601,652 may be used by shareholders 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 Disclosure and Transparency Rules.
Related Party Transaction
| Name | Title | Number of shares subscribed for in the Placing | Number of ordinary shares held following the Placing |
| Tony Sanders | Director | 75,000,000 | 107,287,499 |
| Guy Meyer | Director | 15,000,000 | 110,458,292 |
| Alan Simpson | Chief Technology Officer | 10,000,000 | 26,667,667 |
| John Farthing | Chief Financial Officer | 10,000,000 | 18,333,334 |
| Total | 110,000,000 | 262,746,792 |
The issue of shares to Tony Sanders, Guy Meyer, Alan Simpson and John Farthing is a related party transaction pursuant to AIM Rule 13 (the “Transaction”). Kevin Everett, a director of the Company who is independent of the Transaction, having consulted with Cairn Financial Advisers LLP, the Company’s nominated adviser, believes that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.
Tony Sanders – CEO commented: “We are pleased to receive this additional support at an important time for the Company’s development strategy and Catenae will invest a substantial proportion of the Placing funds in sales and marketing initiatives to help secure existing opportunities and develop the sales pipeline.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
For further information:
| Catenae Innovation Plc Tony Sanders |
Tel: 020 7929 7826 |
|
Cairn Financial Advisers LLP, Nominated Adviser |
Tel: 020 7213 0880 |
|
Alexander David Securities Limited, Joint Broker |
Tel: 020 7448 9820 |
|
Turner Pope Investments Limited, Joint Broker |
Tel: 020 3621 4120 |
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | |||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||
| a. | Name |
|
|||||
| 2 | Reason for notification | ||||||
| a. | Position/Status |
|
|||||
| b. | Initial notification/ Amendment |
Initial notification | |||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||
| a. | Name | Catenae Innovation plc | |||||
| b. | LEI | 2138007I2D8YWPMSP544 | |||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||
| a. | Description of the financial instrument, type of instrument
Identification Code |
Ordinary shares of 0.10 pence per share
ISIN: GB0033127910 |
|||||
| b. | Nature of the transaction | Issue of shares in the Placing | |||||
| c. | Price(s) and volume(s) | ||||||
| Price(s) per share | Volume(s) | ||||||
| 0.10p | a) 75,000,000 b) 15,000,000 c) 10,000,000 d) 10,000,000 |
||||||
| d. | Aggregated information
– Aggregated Volume – Price |
110,000,000 0.10p |
|||||
| e. | Date of the transaction | 27 February 2019 | |||||
| f. | Place of the transaction | AIM, London Stock Exchange | |||||
Catenae Innovation #CTEA – Changes to Senior Management Team and Board
Catenae (AIM: CTEA), the AIM quoted provider of digital media and technology announces the following changes to its senior Management team and Board.
Proposed appointment of Alan Simpson CTO to the Executive Board
Alan is a highly regarded technologist with vast experience in a number of high-profile projects in a career ranging from Military Cryptologist through to those projects which can be publicly named such as being the Technical Delivery Manager for BBC’s flagship iPlayer project. Alan joined the Company in June 2018 and has been responsible for the delivery of technical projects within the Company including Sequestrum, its DLT/Blockchain platform, and the recently launched Onsite. This appointment recognises the contribution and commitment Alan has shown to the Company. This, combined with his broad technical expertise, and commercial experience will be a welcome addition to the Board. A further announcement providing information pursuant to AIM Rule Schedule 2(g) will be made in due course.
Appointment of John Farthing Chief Financial Officer
The Company will promote John Farthing from his current position within its subsidiary Trust in Media to become the Company’s Chief Financial Officer. John qualified as a Chartered Accountant in 1988 following which he moved to stockbroking, gaining significant experience with start-ups and smaller companies with a focus in the software and technology sectors. Mr Farthing is also a Chartered Fellow of the Chartered Institute for Securities & Investment, having been involved in corporate acquisitions and disposals as well as fund raising. John will report to the Board and be responsible for day to day financial operations and strategic input, augmenting the existing governance and financial controls. This is a non-Board appointment.
Tony Sanders CEO, commented;
“The Company has reached the stage in its development where it now has commercially viable product lines, demonstrably capable of delivering revenues. It is essential that the team are focussed on executing a robust sales and marketing strategy to deliver these revenues. With this in mind, the Board wants to ensure it has the correct management team in place with the right skillsets to enable the Company to concentrate on delivering its true potential. The above appointments will be augmented with suitably qualified Sales Management in the very near future. Obviously, we are very conscious of managing our cost base and can confirm that as a result of these and other changes within the Company, the net effect on the cost base is neutral.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
For further information:
| Catenae Innovation Plc
Tony Sanders |
Tel: 020 7929 7826 |
|
Cairn Financial Advisers LLP, Nominated Adviser Liam Murray / Jo Turner |
Tel: 020 7213 0880 |
|
Alexander David Securities Limited, Broker David Scott / James Dewhurst |
Tel: 020 7448 9820 |