Crossword Cybersecurity Plc (NEX:CCS, “Crossword” or the “Company”) announces that today a Schedule One announcement has been released on its behalf in connection with the proposed admission of Crossword’s ordinary shares to trading on AIM, a market operated by London Stock Exchange plc, in conjunction with a placing of new ordinary shares (“Admission”). Admission is expected to occur in mid-December 2018.
The Schedule One announcement can be found on the Company’s website at www.crosswordcybersecurity.com
Consequently, the Company is today giving notice of its intention to withdraw its ordinary shares in the Company (“Ordinary Shares”) from trading on the NEX Exchange Growth Market (“NEX”) in mid-December (the “Withdrawal”). A further update will be issued once a firm date is known.
This announcement sets out the reasons for the Withdrawal and explains why the Directors believe that it is in the best interests of the Company and its shareholders.
Background and reasons for proposed withdrawal from NEX
Crossword joined NEX (then known as ISDX Growth Market) in September 2015 to, inter alia, raise capital for the future development of the business and provide access to new investors and future capital.
Whilst the Company has benefitted from its NEX listing it is proposing to raise further capital towards investments in sales and marketing, and product development along with providing general working capital and the Directors believe admission to AIM will provide the Company with the best platform with which to deliver on its near-term objective to scale up its commercialisation activities.
Effect of withdrawal from NEX
As the ordinary shares are to be admitted to trading on AIM the directors anticipate there will be no reduction in the liquidity and marketability of the ordinary shares.
Following the Withdrawal, the NEX Exchange Growth Market – Rules for Issuers (“NEX Rules”) will no longer apply to the Company.
Procedure for withdrawal from NEX
Under the Rule 81 of NEX Rules, since the Company has made an application for the admission of its shares to another market of equivalent regulatory standing, no shareholder approval at a general meeting is required.
The directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
FOR FURTHER INFORMATION PLEASE CONTACT:
Tom Ilube – CEO Crossword Cybersecurity Plc
Tel: +44 208 973 2350
NEX Exchange Corporate Advisor Nick Michaels and Jon Isaacs Alfred Henry Corporate Finance Limited www.alfredhenry.com Tel: +44 207 251 3762
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
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