10 July 2023 – London, UK – Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the software and services company focused on cyber security and risk, announces that it has today published and is posting to shareholders a circular convening a general meeting to take place on 27 July 2023 (the "Circular").
On 19th April 2023, the Company announced that it will need to raise additional capital later this year as it continues to progress towards cash break-even. As part of the preparation for any such raise, which could include convertible loan notes, the Board has noted that the Group is restricted in its borrowing to £2m under its Articles. The Group currently has borrowings of £2m and as such proposes to raise this limit.
At the general meeting, a resolution will be proposed to amend the Articles to allow the Group to incur debt up to £4.5m, in aggregate.
The Directors unanimously agree that amending the Articles to enable the Group to borrow the greater of £4.5m and an amount equal to 20% of the Adjusted Capital and Reserves is in the best interests of the Company and its Shareholders as a whole. Accordingly, the Directors unanimously recommend that Shareholders vote in favour of the Resolutions as they intend to do in respect of their own shareholdings which represent 15.9 per cent. of the Company’s voting rights.
The general meeting will be held at the offices of Shakespeare Martineau LLP at 60 Gracechurch Street, London EC3V 0HR, United Kingdom at 11:00 a.m. on 27 July 2023. A copy of the Circular will be available on the Company’s website, https://www.crosswordcybersecurity.com/.
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Contacts
Crossword Cybersecurity plc – Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Ciara Donnelly
Hybridan LLP (Broker) – Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Financial PR:
David Hothersall, Kinlan Communications
davidh@kinlan.net – Tel: +44 (0) 207 638 3435
General:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk – Tel: +44 (0)1932 485 300
About Crossword Cybersecurity plc
Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategy and risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.
Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, our Trillion and Arc breached credentials tracking platforms, and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.
Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword is traded on the AIM market of the London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/