Catenae Innovation - Temporary Suspension and Update
23/03/2022 14:10
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RNS Number : 7974F Catenae Innovation PLC 23 March 2022
Catenae Innovation PLC
("Catenae" or the "Company")
Temporary Suspension and Update
The Company will not be in a position to complete the audit of the financial
statements to 30 September 2021 by 31 March 2022 and has therefore requested
the temporary suspension of its shares from trading on AIM, until such time as
the audit is complete and audited financial statements have been posted to
shareholders, pursuant to AIM Rule 19.
Accordingly, at the request of the Company, the Company's ordinary shares will
be suspended from trading on AIM with effect from 7:30 a.m. on Friday 1 April
2022. The Company will request a restoration of its listing once the
Company's audited report and accounts for the year ended 30 September 2021
have been published. The Directors anticipate that the Company will be in a
position to publish the audited report and accounts on or around 29 April
2022. A further announcement will be made in due course.
Pursuant to AIM Rule 41, the Company has six months to publish audited
accounts for the year ended 30 September 2021 to prevent cancellation of the
admission of its ordinary shares to trading on AIM.
Hyperneph Software Limited ("Hyperneph")
A dispute has arisen between the Company and certain of the minority
shareholders of Hyperneph in relation to the acquisition of Hyperneph. As a
result, the Company has not issued the new ordinary shares representing part
of the consideration for the acquisition nor has the Company made the final
cash instalment of £52,500, being part of the £270,000 consideration
referred to in the announcement of 4 May 2021. A further announcement will
be made in due course.
Following the acquisition of Hyperneph, the Company is required to produce
consolidated audited accounts for the year ended 30 September 2021.
Update on Financial Position
As at 30 September 2021, the Company had unaudited turnover of £25,002 (2020:
£14,948) and an unudited loss of £930,804 (2020: £769,186). The unaudited
net assets of the Company are £696,753 (2020: £502,427). As at 30 September
2021, the Company had cash resources of £539,842 (2020: £714,043), as of the
date of this announcement the Company has cash resources of approximately
£350,000, which the directors believe is sufficient for the Company's current
working capital needs.
- Ends -
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The person who arranged for release of this
announcement on behalf of the Company was Guy Meyer, Chief Executive Officer
of the Company and the Directors of the Company are responsible for the
release of this announcement.
For further information please contact:
Catenae Innovation PLC +44 (0)191 580 8545
Guy Meyer, Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
Shard Capital Partners LLP, Broker +44 (0)20 7186 9952
Damon Heath
Yellow Jersey PR (PR & IR) +44 (0)20 3004 9512
Sarah Hollins / Annabel Atkins / Matthew McHale
Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media and technology
services. Catenae use the power of blockchain to deliver solutions where its
people-centric technology enables trust and certainty allowing organisations
to gain better control over their operations, manage staff and safely welcome
customers.
www.catenaeinnovation.com (http://www.catenaeinnovation.com)
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.
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