20 April 2020 – London, UK –Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the technology commercialisation company focused solely on cyber security and risk, is pleased to announce that it has undertaken a fundraising of approximately £1million through a placing and proposed subscription of Crossword ordinary shares of 5p each (“Ordinary Shares”) at a price of 230 pence per share.
The Company has completed a placing of 363,617 Ordinary Shares (“Placing Shares”) to raise £836,319. In addition Tom Ilube, CEO and founder of Crossword, intends to subscribe on the same terms for 73,914 Ordinary Shares (“Subscription Shares”) to complete the total fundraise of £1 million following the end of the current close period, when 2019 Annual Report and Accounts are issued later this month. The Placing Shares and the Subscription Shares will be issued under the Company’s existing share allotment authorities.
Settlement and dealings
Application will be made for the admission of the 363,617 Placing Shares, which rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading on AIM. Dealings on AIM are expected to commence at 8:00am on or around 4 May 2020 (“Admission”).
Total Voting Rights
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, Crossword will have 5,058,177 Ordinary Shares in issue with voting rights attached. Crossword holds no shares in treasury. This figure of 5,058,177 may be used by shareholders in the Company 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 DTRs.
Tom Ilube, CEO of Crossword, commented;
“I am delighted with the continued support we have received from our shareholders in this latest fundraising. Our pipeline is standing at approximately £6m split between both products and consulting and these funds will enable us to continue to drive business growth over the next 12 months. With the market turbulence caused by COVID-19, our first priority is the welfare of our staff and all stakeholders. Our flexible approach enabled us to quickly and effectively implement remote working before it was mandated, with minimal impact on clients and sales activity.
Crossword’s clients and opportunities exist in multiple sectors, some of which have clearly been affected by the pandemic, and some of which are seeing increased activity as cyber security becomes even more important. Our Rizikon Assurance product pipeline continues to grow and represents nearly £4m out of the £6m total pipeline, and we are engaged in several large-scale bid situations. However, we have also seen some clients delaying the start of new projects, and we remain in close contact with them. We will also monitor any potential impact on our own business and are in a position to take advantage of Government support and take other actions if and when they are required.”
The information contained 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.
Crossword Cybersecurity plc – Tel: +44 (0) 20 3953 8460
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director
Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Niall McDonald
Hybridan LLP (Broker) – Tel: +44 (0)203 764 2341
Claire Louise Noyce
About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting. The Group’s specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group’s aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword’s leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers. Nixer CyberML, Crossword’s most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks. Crossword’s team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients’ business needs.
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