€1bn in Cyber Security Research Funding Evaluated, Revealing Academic Trends and Threats for 2019 and Beyond

 Crossword Cybersecurity plc review of nearly 1,200 global projects finds Cyber Physical Systems, Privacy, IoT and Cryptography are the strongest cyber security areas to watch – But Artificial Intelligence is an “apparent omission”

 

London, UK – January 10, 2019  – Crossword Cybersecurity plc (AIM:CCS), the cyber security technology commercialisation company, has today released insights from its global review of academic cyber security research.  The new database looked at nearly 1,200 current and past research projects from academic institutions in the United Kingdom, United States, Europe, Australia, and Africa.  It reaffirmed the value of the cyber security research market, with reported funding of EU projects at over €1 billion.

The database identified several global trends by comparing the periods January 2008 to June 2013 with July 2013 to December 2018.

Significant differences can also be seen between regions. For instance, the EU appears distinctly focused on minimising Small & Medium Enterprises’ (SME) exposure to cyber security risk. Conversely, when compared with other regions, the US has a greater focus on the human component of cyber security. Other US top project funding areas include Cyber Physical Systems (as applied to smart cities and power grids), securing the cloud, cybercrime, and the privacy of Big Data sets (as applied to the scientific research community).

UK invests in securing the physical world

In the UK, the leading research verticals are critical infrastructure and securing the health sector (with 11 current projects each). Current funding across UK projects exceeds £70m, with quantum and IoT-related projects both more than doubling over five years.  There are currently nine new UK projects with a focus on Cyber Physical Systems.

The four UK projects with the greatest funding are in the fields of Safe and Trustworthy Robotics, Big Data Security, Cybercrime in the Cloud and Quantum Technology for Secure Communications.

The most notable UK decline was in big data projects, which have dropped by 85%.

Cryptography remains strong

There are currently 52 global projects with a cryptographic focus, and at least 39 current live EU projects featuring a cryptographic element. In the UK, this area has been consistently strong over the last ten years, with 18 projects starting between 2008 and mid 2013, and 19 projects from mid 2013 to now.

Tom Ilube, CEO at Crossword Cybersecurity plc said of the analysis, “The need to protect critical infrastructure has never been stronger as technology becomes more deeply embedded in every aspect of our daily lives.  However, one apparent omission is research solely focused on the application of AI techniques to complex cyber security problems. We hope to see more of that in the future, as the industry works to stay ahead of the constantly evolving cyber security landscape.”

The Crossword Cybersecurity database will be periodically updated, to deliver ongoing insight into the most prevalent cyber security research trends and investment areas. If you are interested in further details, please contact the Scientific Advisory Team at Crossword Cybersecurity on innovation@crosswordcybersecurity.com

Crossword Cybersecurity plc
Tel: +44 (0) 20 8973 2350
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director

Grant Thornton (Nominated Adviser)
Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Samuel Rowe

Hybridan LLP (Broker)
Tel: +44 (0)203 764 2341
Claire Louise Noyce

Media contact:
Ginger PR Ltd
Lorena Duke Lorena@gingerpr.co.uk
01932 485 300

About Crossword Cybersecurity

Crossword Cybersecurity plc (AIM:CCS) is a technology commercialisation company focusing exclusively on the cyber security sector. We work with research intensive European university partners to identify promising cyber security intellectual property (IP) from research that our industry partners tell us meet emerging real-world challenges.

Our specialist cyber security software engineering team work with our university partners to develop research concepts into fully-fledged commercial products, that we then take to market. Our consulting team work with clients to address their cyber security challenges- by providing strategy, assessment and risk management services.

Notes to editors

Research methodology

Crossword identified nearly 1,200 projects, primarily by obtaining data from national funding bodies including the UK Engineering and Physical Sciences Research Council, American National Science Foundation, Australian Research Council and the European Commission. As well as this, open-source searching of available publications was conducted, as well as talking with Crossword’s existing academic contacts.

This research extends that of the original Crossword Cybersecurity CLUE database which featured 412 projects from major UK and European universities. This is not a comprehensive list of all projects across the globe, but a snapshot based on readily accessible information. Crossword Cybersecurity continually works to aggregate details of cyber security projects, and will release updated findings in the future.

– ENDS –

Crossword Cybersecurity plc (AIM: CCS, “Crossword”, the “Company” or the “Group”), the technology and consulting company focusing on the cyber security sector, has received a notice exercising options to acquire 666 ordinary shares of 5p each (“Ordinary Shares”) at a price of £1.90 pence per Ordinary Share.

Settlement and dealings

Application will be made for the admission of 666 Ordinary Shares, pursuant to the option exercise, 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 January 2019 (“Admission”).

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, Crossword will have 4,680,396 Ordinary Shares in issue with voting rights attached. Crossword holds no shares in treasury. This figure of 4,680,396 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.

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.

Contacts

Crossword Cybersecurity plc – Tel: +44 (0) 20 8973 2350
Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Finance Director

 

Grant Thornton (Nominated Advisor) – Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Samuel Rowe

 

Hybridan LLP (Broker) – Tel: +44 (0) 20 3764 2341

Claire Louise Noyce

 

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security 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 first product, is a SaaS platform that enables medium to large companies to assess the cyber maturity and GDPR readiness of their suppliers. 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.

TR-1: Standard form for notification of major holdings

Crossword Cybersecurity plc (AIM: CCS, “Crossword”, the “Company” or the “Group”), the technology and consulting company focusing on the cyber security sector, is pleased to announce that following the cancellation of its shares from trading on NEX yesterday, Admission of the Company’s Shares to trading on AIM will take place at 8.00 a.m. today, 14 December 2018 (“Admission”). Dealings will commence under the ticker “CCS” and the Company’s ISIN is GB00BPFJXS57 and its SEDOL is BYX0M86.

On Admission, the Company will have a market capitalisation of approximately £13.6 million, following a successful placing and subscription of approximately £2.0 million before expenses (the “Fundraise”). The net proceeds of the Fundraise will principally be used to further develop the Group’s operations and to support existing and future contracts.

Following Admission, the total number of Ordinary Shares in the Company in issue will be 4,679,730; each with equal voting rights. The total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change of their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

The Company’s admission document, together with further details of the Company can be found on the Company’s website: www.crosswordcybersecurity.com

Tom Ilube, Crossword’s CEO, said:

“I am delighted that Crossword has reached this important milestone and I would like to thank Crossword’s existing and new shareholders for their continued support as the Company continues to grow. AIM is an excellent platform for Crossword to achieve its ambitious growth plans over the coming years.”

Contacts

Crossword Cybersecurity Plc – Tel: +44 (0) 20 8973 2350
– Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Finance Director

Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Samuel Rowe

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 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 first product, is a SaaS platform that enables medium to large companies to assess the cyber maturity and GDPR readiness of their suppliers. 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.

Please click below to view the Schedule 1 Update.

Schedule 1 Update

Crossword Cybersecurity Plc (NEX:CCS, “Crossword” the “Company” or the “Group”) is pleased to announce that it has successfully raised £2 million before expenses by way of a placing and subscription for shares (the “New Shares”), the net proceeds of which will be used to further develop the Group’s operations and to support existing and future contracts (the “Fundraise”).

The Fundraise is conditional on, amongst other things, admission of the Company’s existing ordinary shares (“Ordinary Shares”) and the New Shares to trading on AIM (“Admission”). Admission is expected to occur on Friday 14 December 2018.

Consequently, the Company will withdraw its Ordinary Shares from trading on the NEX Exchange Growth Market as at the close of business on Thursday 13 December 2018.

The directors of the Company accept responsibility for the contents of this announcement.

 

For further information, please contact:

 

Tom Ilube – CEO
Crossword Cybersecurity Plc
www.crosswordcybersecurity.com
Tel: +44 208 973 2350
Email: info@crosswordcybersecurity.com
Twitter: @crosswordcyber

NEX Exchange Corporate Advisor
Nick Michaels and Jon Isaacs Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 207 251 3762

NEX Corporate Broker
Claire Louise Noyce – CEO, Hybridan LLP
Tel: +44 (0) 203 764 2341
Email: claire.noyce@hybridan.com

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.

 

–  ENDS  –

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES (“AIM RULES”)
 
COMPANY NAME:
Crossword Cybersecurity plc
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :
Registered Office

6th Floor, 60 Gracechurch Street

London EC3V 0HR

 

Principal Trading Office

1st Floor, Midmoor House,

1-2 Kew Road,

Richmond Upon Thames TW9 2NQ

 

COUNTRY OF INCORPORATION:
England and Wales

 

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:
www.crosswordcybersecurity.com
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
Crossword Cybersecurity plc is the parent company of the Crossword group of companies (“Crossword”, the “Company”, or the “Group”), which focus on the cyber security sector. The Group has two principal areas of activity, being (i) the development and commercialisation of university research-based cyber security related software and (ii) cyber security consulting. The main country of operation is the UK.

Over the last four years, the Group has signed memoranda of understanding and agreements with 14 universities to explore potential commercialisation opportunities or work with them on cyber security research ideas.

The Group’s specialist cyber security product development and software engineering teams in Richmond upon-Thames in the UK and in Krakow, Poland, work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market.

Its current portfolio of products comprises Rizikon Assurance, a SaaS platform designed to help larger organisations manage third-party assurance at scale with a particular focus on cyber security and Rizikon Standard, a Cyber-risk and GDPR compliance assessment tool aimed at small to medium companies. The Group also has a third product, Nixer, a version of which is currently undergoing testing. Nixer is a machine-learning based product aimed at protecting against Application-layer DDoS attacks and the growing menace of automated attack tools.

 

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):
TBC ordinary shares of £0.05 each in the capital of the Company, at an issue price of £TBC

 

No ordinary shares are to be held in treasury

 

There are no restrictions on the transfer of ordinary shares

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
Capital to be raised on Admission: up to £2.25 million

 

Expected market capitalisation at Admission: £TBC million

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
TBC%

 

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:
Crossword was admitted to the NEX Exchange Growth Market in September 2015. The Company’s shares will be cancelled from trading on the NEX Exchange Growth Market immediately prior to the admission of the Company’s enlarged share capital to trading on AIM

 

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):
Executive Directors

Thomas Segun Ilube, CBE, Chief Executive Officer (also known as Tom)

Mary Michelle Dowd, Finance Director

Non-Executive Directors

Sir Richard Billing Dearlove, KCMG OBE, Chairperson

Dr David Stanley Secher, Independent Non-Executive Director

Professor David William Stupples, Non-Executive Director

Gordon John Matthew, Non-Executive Director

Andrew William John Gueritz, Independent Non-Executive Director

Ruth Louise Anderson, Independent Non-Executive Director

 

 

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):
  Percentage of issued share capital

 

Before Admission On Admission
Thomas Ilube (1) 34.64 TBC%
Brenlen Jinkens 8.73 TBC%
Moulton Goodies Ltd 7.25 TBC%
Steven Gee 5.74 TBC%
Maurice Zimmerman 5.41 TBC%
Marlborough Nano-Cap Growth Fund 4.64 TBC%
Share Nominees Limited 3.98 TBC%
John Taysom 3.17 TBC%

 

(1)Thomas Ilube’s shareholding is made up of 31.37% of shares held by him personally and 3.27% held by Share Nominees Limited on his behalf

 

 

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
N/A

 

(i)            ANTICIPATED ACCOUNTING REFERENCE DATE

(ii)           DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii)          DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i)            31 December

(ii)           Main financial information prepared to the six months ended 30 June 2018

(iii)          30 June 2019 (12 month audited full year accounts to 31 December 2018), 30 September 2019 (6 month unaudited results to 30 June 2019), 30 June 2020 (12 month audited full year accounts to 31 December 2019)

 

EXPECTED ADMISSION DATE:
Mid-December 2018

 

NAME AND ADDRESS OF NOMINATED ADVISER:
Grant Thornton UK LLP

30 Finsbury Square,

London, England,

EC2A 1AG

NAME AND ADDRESS OF BROKER:
Hybridan LLP

20 Ironmonger Lane

London

EC2V 8EP

 

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
A copy of the Admission Document containing full details about the applicant and the admission of its securities will be available on the Company’s website at:

 

www.crosswordcybersecurity.com

 

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY
The QCA Corporate Governance Code
DATE OF NOTIFICATION:
 

30 November 2018

 

NEW/ UPDATE:
 

NEW

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

www.crosswordcybersecurity.com

Tel: +44 208 973 2350

Email: info@crosswordcybersecurity.com

Twitter: @crosswordcyber

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.

 

–  ENDS  –

In May 2016, Crossword Cybersecurity plc led a group of leading UK cyber security academic researchers on a week long mission to the US, funded by the UK Government Department of Culture, Media and Sport (DCMS). The objectives were to meet with counterparts at world class US institutions to gain insights into the commercialisation process within the cyber security research domain and to understand the US approach to commercialising academic research relative to the wider cyber ecosystem.

The UK group represented a range of cyber security research interests and institutions, all at different stages of exploring whether to commercialise their research activities. The mission was hosted by the University of California (UC) Berkeley, Stanford University, Harvard University and the Massachusetts Institute of Technology (MIT), with a number of external speakers participating such as the Department of Homeland Security, SRI International, start ups and venture capital investors, in addition to the university research staff and technology transfer representatives.

This note is our summary of findings that resulted from the mission, with a particular focus on drawing out key insights relating to the commercialisation of cyber security research. These insights, in our assessment, fall under five headings.

In our opinion there is a rich seam of world class cyber security research in the UK. Whilst the scale of cyber activity in the US is huge, with US Government expenditure in the region of forty times the UK Government cyber budget, we estimate that over 250 cyber security research projects have been conducted or are on-going in the UK since 2007, leveraging in excess of £200m in grant funding. There are some very positive examples of cyber security research being commercialised in the UK and several UK universities are already world class in their technology transfer activities. With the huge amount of outstanding cyber security research going on, the potential to scale up the UK’s cyber security commercialisation activities is vast.

We hope that by applying some of the learning that emerged from this important mission, the UK cyber academic research community can unleash the next wave of cyber ventures that will have a major impact on cyber innovation in the UK and beyond.

To read the full report click here.

Tom Ilube, CEO, Crossword Cybersecurity PLC

Paul Lewis, CTO, Crossword Cybersecurity PLC

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of Crossword Cybersecurity plc or other evaluation of any securities of Crossword Cybersecurity plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

This announcement contains inside information.

November 17, 2016

 

Crossword Cybersecurity plc

Proposed Placing and Subscription for up to £1.4m

 

Crossword Cybersecurity Plc (NEX:CCS, “Crossword” or the “Company”), the technology commercialisation company focusing exclusively on the cyber security sector, announces today its intention to raise gross proceeds of approximately £1.4 million by the issue of up to 736,842 Placing Shares and Subscription Shares (as defined below) , proposed to be supported by current shareholders, certain directors and new institutional investors. The proposed transactions comprise a placing (the “Placing”) by Hybridan LLP (“Hybridan”) on behalf of the Company of up to 217,895 new Ordinary Shares of £0.05 per share par value in Crossword (“Ordinary Shares”) (“Placing Shares”) at a subscription price of £1.90 per Placing Share (the “Placing Price”) and subscription of up to 518,947 new Ordinary Shares (the “Subscription Shares”) at the Placing Price (the “Subscription”). Hybridan is acting as broker (“Broker”) to the Company in respect of the Placing.

It is expected that Admission of the Placing Shares and Subscription Shares will become effective and that dealings will commence in the Placing Shares and Subscription Shares by 8.00 a.m. on 24 November 2016.

The Company intends to use the proceeds of the Placing and Subscription to invest in:

·        expanding sales and marketing activities to accelerate sales growth;

·        developing new cybersecurity products based on university research;

·        general working capital.

Tom Ilube, Crossword CEO, said:

The proposed funding is intended to put us in a strong position at a key stage of Crossword’s growth as we seek to develop our commercialisation engagements with some of the UK’s leading cyber security universities. This proposed funding will enable the development of new research driven cybersecurity products alongside the commercial roll out of our existing cybersecurity products, Rizikon and Nixer, and will position us well to scale up the business.

Details of the Placing, Subscription and Total Voting Rights

Pursuant to the Placing and Subscription, the Company proposes to place 736,842 new Ordinary Shares at the Placing Price to raise approximately £1.4m. Application will be made for the Placing Shares and Subscription Shares to be admitted to NEX Growth Market and admission is expected to occur on 24 November 2016. The Placing Shares and Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares.

The Placing and Subscription is conditional, inter alia, upon the placing agreement not having been terminated, and admission of the Placing Shares and Subscription Shares having occurred by no later than 24 November 2016 (or such time and date as Hybridan or the Company may agree, being not later than 31 December 2016). Neither the Placing or Subscription are being underwritten.

The Placing Shares and Subscription Shares will total approximately 736,842 new Ordinary Shares and represent 23.6% of the enlarged share capital of the Company. 

Following Admission, the Company’s enlarged issued share capital will comprise 3,120,250 Ordinary Shares. The Company holds no Ordinary Shares in treasury, therefore the total number of voting rights in the Company will be 3,120,250. This figure 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 in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

About Crossword 
 
Crossword is a technology transfer company specialising in cyber security. Crossword works with universities who undertake advanced cyber security research in order to take their research through productisation to market. 

 
Further information, please contact: 
 
Tom Ilube- CEO, Crossword Cybersecurity
Tel: +44 (0) 20 8973 2350
Email: info@crosswordcybersecurity.com
 
NEX Corporate Advisor
Nick Michaels and Jon Isaacs, Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 (0)207 251 3762
 
NEX Corporate Broker
Claire Louise Noyce – CEO, Hybridan LLP
Tel: +44 (0)203 764 2341
Email: claire.noyce@hybridan.com

 

Notes

Regulatory

 The Market Abuse Regulation EU 596/2014 (“MAR”) became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Placing and Subscription with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

Note regarding forward-looking statements:

This announcement contains certain forward looking statements relating to the Company’s future prospects, developments and business strategies. Forward looking statements are identified by their use of terms and phrases such as “targets” “estimates”, “envisages”, “believes”, “expects”, “aims”, “intends”, “plans”, “will”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative of those, variations or comparable expressions, including references to assumptions.

The forward looking statements in this announcement are based on current expectations and are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied by those statements. These forward looking statements relate only to the position as at the date of this announcement. Neither the Directors nor the Company undertake any obligation to update forward looking statements, other than as required by the NEX Growth Market Rules for Issuers or by the rules of any other applicable securities regulatory authority, whether as a result of the information, future events or otherwise. You are advised to read this announcement and the information incorporated by reference herein, in its entirety. The events described in the forward-looking statements made in this announcement may not occur.

Neither the content of the Company’s website (or any other website) nor any website accessible by hyperlinks on the Company’s website (or any other website) is incorporated in, or forms part of, this announcement.

Any person receiving this announcement is advised to exercise caution in relation to the Placing and Subscription. If in any doubt about any of the contents of this announcement, independent professional advice should be obtained.

 

– Ends – 

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of Crossword Cybersecurity plc or other evaluation of any securities of Crossword Cybersecurity plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

This announcement contains inside information.

November 17, 2016

Crossword Cybersecurity plc

Completion of Placing and Subscription and Directors Dealings

Crossword Cybersecurity Plc (NEX:CCS, “Crossword” or the “Company”), the technology commercialisation company focusing exclusively on the cyber security sector, is pleased to announce that, further to the Company’s announcement earlier today outlining the proposed Placing by Hybridan LLP (“Hybridan”) on behalf of the Company of up to 217,895 new Ordinary Shares of £0.05 per share par value in Crossword (“Ordinary Shares”) (“Placing Shares”) at a subscription price of £1.90 per Placing Share (the “Placing Price”) and the subscription of 518,947 new Ordinary Shares (the “Subscription Shares”) at the Placing Price (the “Subscription”) , the Company has successfully placed 736,842 new Ordinary Shares and raised gross proceeds totalling £1.4 million at a Placing Price of £1.90 per share. Hybridan is acting as broker (“Broker”) to the Company in respect of the Placing.

As part of the Subscription, Tom Ilube, Chief Executive Officer and Dr David Secher, Non-Executive Director, today agreed to subscribe for, in aggregate, 137,366 new Ordinary Shares to raise proceeds of £260,995 as further detailed below.

Holding prior to the
announcement of Proposed Placing and Subscription
Number of Subscription
Shares acquired pursuant to the Placing and Subscription
Immediately following
Admission of the Placing and Subscription
Number of Ordinary
Shares
% of issued share
capital
Number
of Ordinary Shares
Number of Ordinary
Shares
% of issued share
capital
Sir
Richard Dearlove
Thomas
Ilube*
1,252,786 52.6 132,103 1,384,889 44.4
Dr
David Secher
21,102 0.9 5,263 26,365 0.8
Professor
David Stupples
5,263 0.2 5,263 0.2
Gordon
Matthew
Andrew
Gueritz

* Thomas Ilube’s shareholding prior to the Placing and Subscription is made up of 1,097,342 shares held by him personally and 155,444 held by Beaufort Nominees Limited on his behalf

 

Placing Shares and Subscription Shares have been issued to the following substantial shareholders

Holding prior to the
announcement of Proposed Placing and Subscription
Number of Subscription
Shares acquired pursuant to the Placing and Subscription
Immediately following
Admission of the Placing and Subscription
Number of Ordinary
Shares
% of issued share
capital
Number
of Ordinary Shares
Number of Ordinary
Shares
% of issued share
capital
Moulton
Goodies
236,842 9.94 52,632 289,474 9.3
Steven
Gee
152,341 6.39 39,474 191,815 6.1
Maurice
Zimmerman
152,341 6.39 26,316 178,657 5.7
Matthew
O’Sullivan
105,263 4.2 105,263 3.4
Tariq
Hussain
77,290 3.24 17,368 94,658 3.0

SHARE CAPITAL FOLLOWING THE PLACING AND SUBSCRIPTION

Application will be made for the Placing Shares and Subscription Shares to be admitted to trading on NEX Growth Market. It is expected that Admission of the Shares will become effective and that dealings will commence in the Placing Shares and Subscription Shares by 8.00 a.m. on or around 24 November 2016.

Following admission of the Placing Shares and Subscription Shares, the Company’s enlarged issued share capital will comprise 3,120,250 Ordinary Shares of 5 pence each with voting rights in the Company. This figure 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 in the interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

About Crossword

Crossword is a technology transfer company specialising in cyber security. Crossword works with universities who undertake advanced cyber security research in order to take their research through productisation to market.

Further information, please contact:

Tom Ilube- CEO, Crossword Cybersecurity
Tel: +44 (0) 20 8973 2350
Email: info@crosswordcybersecurity.com

NEX Corporate Advisor
Nick Michaels and Jon Isaacs, Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 (0)207 251 3762

NEX Corporate Broker
Claire Louise Noyce – CEO, Hybridan LLP
Tel: +44 (0)203 764 2341
Email: claire.noyce@hybridan.com

Note regarding forward-looking statements:

This announcement contains certain forward looking statements relating to the Company’s future prospects, developments and business strategies. Forward looking statements are identified by their use of terms and phrases such as “targets” “estimates”, “envisages”, “believes”, “expects”, “aims”, “intends”, “plans”, “will”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative of those, variations or comparable expressions, including references to assumptions.

The forward looking statements in this announcement are based on current expectations and are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied by those statements. These forward looking statements relate only to the position as at the date of this announcement. Neither the Directors nor the Company undertake any obligation to update forward looking statements, other than as required by the NEX Growth Market Rules for Issuers or by the rules of any other applicable securities regulatory authority, whether as a result of the information, future events or otherwise. You are advised to read this announcement and the information incorporated by reference herein, in its entirety. The events described in the forward-looking statements made in this announcement may not occur.

Neither the content of the Company’s website (or any other website) nor any website accessible by hyperlinks on the Company’s website (or any other website) is incorporated in, or forms part of, this announcement.

Any person receiving this announcement is advised to exercise caution in relation to the Placing and Subscription. If in any doubt about any of the contents of this announcement, independent professional advice should be obtained.

Regulatory

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

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