REG - Concurrent Tech. - Proposed Acquisition and Notice of General Meeting
16/08/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230816:nRSP4289Ja&default-theme=true
RNS Number : 4289J Concurrent Technologies PLC 16 August 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THE "ANNOUNCEMENT") IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, OR INTO ANY MEMBER STATE OF THE EUROPEAN
ECONOMIC AREA, THE UNITED STATES OF AMERICA (OR TO ANY U.S. PERSON), CANADA,
JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN THE UK
PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED AND AS
MODIFIED FROM TIME TO TIME BY OR UNDER DOMESTIC LAW). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
16 August 2023
Concurrent Technologies Plc
("Concurrent Technologies" or the "Company")
Proposed Acquisition of Phillips Machine & Welding Company, Inc
Conditional Placing of 10,000,000 new Ordinary Shares to raise £6.5 million
Proposed Retail Offer of up to 461,538 new Ordinary Shares to raise up to
£0.3 million
and
Notice of General Meeting
Concurrent Technologies (AIM: CNC), a world leading specialist in the design
and manufacture of high-end embedded computer solutions for critical
applications, is pleased to announce that it has entered into a conditional
agreement to acquire the entire issued share capital of Phillips Machine &
Welding Company, Inc ("Stryker") for an aggregate consideration of US$3.375
million (approximately £2.64 million) (the "Acquisition"). Prior to
Completion of the Acquisition, the machine shop division of Phillips Machine
& Welding Company, Inc will be transferred out of the business and, as a
result, Concurrent Technologies will own the Aerospace and Military division.
The Concurrent Technologies directors believe that the Acquisition will
progress the Company's strategic ambitions in the Systems market, a market
comprising of computer systems designed to operate in harsh and demanding
environments typically including military, aerospace and industrial uses, and
anticipated to be valued at c.US$6.9 billion by 2033. The nature of the
Systems market provides a significant opportunity for future growth for
Concurrent Technologies, and Stryker holds aerospace industry standard
accreditation which is crucial in order to successfully capture the identified
opportunities.
Concurrent Technologies is also pleased to announce that, primarily to finance
the Acquisition, the Company has conditionally raised total gross proceeds of
£6.5 million by way of a conditional placing of a total of 10,000,000 new
ordinary shares of 1p each in the Company (the "Placing Shares") at an issue
price of 65 pence per share (the "Issue Price") with new and existing
institutional investors (the "Placing").
In addition to the Placing, it is proposed that there will be a separate
conditional retail offer to existing investors via the Bookbuild platform to
raise up to £0.3 million (before expenses) at the Issue Price (the "Retail
Offer" and together with the Placing, the "Fundraising"). A separate
announcement will be made in due course by the Company regarding the Retail
Offer and its terms. Those investors who subscribe for new Ordinary Shares
pursuant to the Retail Offer (the "Retail Offer Shares"), will do so pursuant
to the terms and conditions of the Retail Offer contained in that
announcement. For the avoidance of doubt, the Retail Offer is not part of the
Placing.
The Fundraising is conditional on, inter alia, shareholder approval of certain
resolutions (the "Resolutions") to be proposed at a general meeting of the
Company to be held at 11.00 a.m. BST on 4 September 2023 (the "General
Meeting"). Cenkos Securities plc ("Cenkos") is acting as nominated adviser and
sole broker in connection with the Placing and as retail offer coordinator in
relation to the Retail Offer.
Pursuant to the Acquisition, the sellers, Randy Dunn (selling through his
trust nominee company Rose and Crane LLC), Donald McKenna and Teri McKenna
(the "Sellers"), will receive initial cash consideration of approximately
US$1.875 million (approx. £1.47 million) and US$1.5 million (approx. £1.17
million) by the issue of 1,807,686 new Ordinary Shares at the Issue Price (the
"Consideration Shares") on Completion. In addition, certain individuals in the
existing Stryker business will be awarded Concurrent Technologies share
options under the existing Company LTIP.
The Company will today be posting a circular to Shareholders (the "Circular")
detailing the Fundraising and Acquisition and convening the General Meeting at
which the Resolutions will be proposed. The Circular will be available to view
on the Company's website shortly at https://www.gocct.com/investors/
(https://www.gocct.com/investors/) .
Any term capitalised in this Announcement which is not also defined shall have
the same meaning as in the Circular.
Fundraising Highlights
The net proceeds of the Fundraising will be used primarily to fund the
Acquisition and the Company's strategic ambitions in the Systems market. The
proposed acquisition of Stryker is the first acquisition since the new
leadership team at Concurrent Technologies has been in place and will
materially advance a number of the key strategic goals of the Company. The
balance of the net proceeds will provide additional liquidity to enable the
Company to be agile in capturing additional growth opportunities as they
arise.
Specifically, the Company intends to use the net proceeds of the Fundraising
as outlined below:
· Stryker
o Settlement of the cash consideration for the Acquisition; and
o Future investment to enhance the facilities capabilities and production
capacity of the US facility of Stryker.
· Investment in Concurrent Technologies' broader Systems capability
o Continued investment in the Company's Systems capabilities with a view to
increasing the technical support infrastructure, sales infrastructure, and
supporting research and development expertise to enable scaling up of the
Systems operations.
· Working Capital
o Supporting the working capital requirements of the Company moving forward.
Stryker Acquisition
Stryker has a track record as a supplier to major defence companies in the USA
and including Boeing, Northrop Grumman and Raytheon. Stryker's capabilities
lie in the design and manufacture of rugged systems which are constructed
using plug in cards ("PICs") sourced from Concurrent Technologies and others
and which have the following capabilities:
· Compute;
· Storage;
· Vision;
· Data processing; and
· I/O capability.
The Concurrent Technologies management team has identified Stryker as an ideal
acquisition target for this stage of the Company's strategic development.
Stryker was founded in 1973 and has a long track record of working with
defence industry prime contractors. Stryker holds accreditation to aerospace
industry standards, which is critical to fully access the Systems market, and
complements the existing certification held by Concurrent Technologies. The
Acquisition includes Stryker's 14,000 sq/ft manufacturing and office facility
in California, from which a team of 20 employees and contractors are engaged
providing a permanent base in the US from which the Company can operate and
manufacture. Accordingly, the Acquisition will significantly enhance the
Board's strategic goal of increasing the Company's US presence with a view to
enhancing both new and existing client relationships and US market access.
Concurrent Technologies' management team believes that the acquisition of
Stryker will further its strategic ambitions in the rugged systems market,
which was valued at c.$2.3 billion in 2022 and is projected to grow at a
compounded annual growth rate of 14.9 per cent to c.$6.9 billion by 2033.
Systems generally is a new area of operations for Concurrent Technologies,
with the first revenues realised in the current financial year ("FY23"). The
Board believe there is a significant opportunity, with the total addressable
market reaching c.$262.9 million in the defence sector alone for systems in
2020. Having recently announced a significant Systems contract win, the Board
believes this is a key area for growth in the future and have identified
Stryker as an important target in accelerating this growth.
The management team considers Stryker to be undercapitalised and has
identified a number of areas for investment in the existing Stryker business
which it believes will result in significant growth in revenue for the
acquired business and the enlarged group as a whole. Concurrent Technologies
will utilise its global sales channels to leverage the Stryker product
offering and will also leverage Stryker's capabilities to increase its Systems
market presence in the short term.
The acquisition of Stryker will enable Concurrent Technologies, as enlarged by
Stryker, to significantly expand its in-house capability, including the
integration of components. Specifically, the Acquisition will allow Concurrent
Technologies to deliver integrated Systems solutions, including the chassis
and power supply, for which it was previously reliant on the supply chain to
deliver. In addition, this will facilitate the increased utilisation of the
Company's existing PICs in the broader Systems package.
For the avoidance of doubt, Phillips Machine & Welding Company, Inc also
has a machine shop business which is not subject to the Acquisition.
Current Trading and Outlook
Concurrent Technologies recently published a trading update for the six months
to 30 June 2023 ("H1 FY23"). This update highlighted that order intake in H1
FY23 remained strong at £14.5 million, and that the Company had an order
backlog of approximately £29 million as at 30 June 2023. This performance
demonstrates the significant progress that management has made with strategic
initiatives for growth including accelerated product development, Systems
capability, partnering, and a focus on home markets.
The Company has seen the continued easing of the global supply chain shortages
that had suppressed revenues in H1 FY23, albeit the supply chain remained
below historical norms. Lead times for certain components had increased to
c.40 weeks in 2022, and this is now anticipated to reduce to less than 25
weeks from Q4 2023 for certain components. This is a significant improvement;
however, management is monitoring supply chains carefully and managing the
Company's inventory levels in a prudent manner to enable the delivery of the
order backlog.
Accordingly, cash management continues to be an area of focus for the Company
with the working capital employed in the business remaining higher than would
be optimal for the Company's stage of development but will normalise with the
Company's continued growth.
Management has identified a number of additional opportunities in the Systems
marketplace that are expected to start being realised in H2 FY23. This will
represent a new revenue stream for the Company and the addition of Stryker
will further enable the Company's expansion in this sector. Overall, the
business has evolved over the past 18 months and the Company is now working on
more than 20 design win opportunities, a marked change in the previously
identified opportunity set.
Miles Adcock, CEO of Concurrent Technologies plc, commented:
"We are excited to announce the conditional acquisition of Stryker and the
accompanying Fundraising. Over the course of the past 18 months the Board has
taken the decision to invest in the existing Concurrent Technologies platform
to provide the base for future growth and the Stryker acquisition continues
this investment by materially enhancing our capabilities within the Systems
market.
Whilst the supply chain issues still require careful management, the Company
is extremely well placed for the future. Trading in the first half of FY23
delivered record revenues for equivalent periods, with expectations for the
full year exceeding all historic results despite having to perform against the
backdrop of shortages of specific microchip components that has been a
headwind for the business for over 12 months. However, as recent component
deliveries have demonstrated, through continued careful management we are
successfully navigating these challenges.
The proceeds from the Fundraising will enable us to further develop and build
on our existing position in the market whilst funding the Company in the
delivery of our substantial order book. Exciting times are ahead with the
conditional acquisition of Stryker bringing a depth of talent and capability
into Concurrent Technologies.
We are delighted with the support of a number of our existing shareholders and
are pleased to welcome new institutional investors onto the register."
Enquiries:
Concurrent Technologies Plc
Miles Adcock, CEO +44 (0)1206 752626
Kim Garrod, CFO
SEC Newgate (Financial PR)
Bob Huxford +44 (0)20 3757 6880
Alice Cho
Matthew Elliot concurrent@secnewgate.co.uk
Cenkos Securities Plc (NOMAD & Broker)
Neil McDonald +44 (0)131 220 9771
Peter Lynch +44 (0)131 220 9772
Background to and reasons for the Fundraising and Acquisition
Concurrent Technologies is a leading specialist in the design, manufacture and
supply of innovative high-end embedded computer products aimed at a wide base
of customers within the defence, telecommunications, aerospace, transport,
scientific and industrial markets.
Since the appointment of the current management team, there has been a
significant investment of capital into positioning the Company for growth
despite the ongoing challenges being navigated in the global supply chains.
This investment has been focused on the Company's capabilities and inventory
levels, with a focus on R&D, the Systems market and growth in its home
markets of the US and UK.
The Company and management team are committed to an investment in the Systems
business. Having invested in specialist expertise in FY22 and engaging in
business development dialogue with potential partners and customers, new
initial orders were received in H2 FY22. This led to the signing of a new
partnership agreement with EIZO Rugged Solutions in December 2022 and a
reseller agreement with Alpha Data Parallel Systems Ltd in March 2023. In June
2023, Concurrent Technologies announced the most significant Systems contract
win to date, an order worth in excess of £1 million in total revenue with a
FTSE 250 counterparty. The launch of Iris, a Dual Enclave Switch Card, was
announced in August 2023 which acts as the system keystone to provide secure,
high bandwidth switch connections between each PIC, critical in ensuring they
work together in the most effective way possible. This further demonstrates
the Systems capabilities progression that Concurrent Technologies is
delivering to the market.
The Company's Systems capabilities are now able to service significantly
enhanced opportunities, addressing the bulk of a niche within the rugged
systems market that was estimated in 2022 to be worth c.$2.3 billion and
growing to be worth c.US$6.9 billion in 2033.
Details of the Fundraising and Placing Agreement
Details of the Placing
The Company has conditionally raised gross proceeds of £6.5 million through
the placing of 10,000,000 Placing Shares at the Issue Price with new and
existing institutional investors. The Issue Price represents a discount of 11
per cent. to the closing price on 15 August 2023 of 73 pence per share (being
the latest practicable date prior to date of this Announcement).
In addition, certain of the Company's directors intend to participate in the
Placing at the Issue Price.
Name of Director Number of Placing Shares acquired Total Ordinary Shares following the Fundraising Total interest in the enlarged issued share capital
Mark Cubitt 50,000 70,000 0.082%
Miles Adcock 61,538 61,538 0.072%
Kim Garrod 15,000 15,000 0.018%
Nat Edington 30,000 30,000 0.035%
Pursuant to the placing agreement between the Company and Cenkos dated 16
August 2023 (the "Placing Agreement"), Cenkos has conditionally placed the
Placing Shares with certain new and existing institutional investors.
The Placing has not been underwritten by Cenkos or any other party.
The Fundraising and Acquisition are conditional, with both being conditional
upon, inter alia, the passing by Shareholders of the Resolutions at the
General Meeting to provide authority for the issue of the Placing Shares,
Retail Offer Shares and Consideration Shares (together, the "New Ordinary
Shares"). For the avoidance of doubt, Completion of the Acquisition is
expected to take place after the Placing, and the Placing is not conditional
on the Acquisition. In the unlikely event that the Placing is completed and
completion of the Acquisition does not then take place, the Directors will
assess the Group's ongoing funding needs and the best use of the proceeds of
the Fundraising, including for other acquisition opportunities, taking account
of Shareholders' best interests.
The New Ordinary Shares, when issued, will be credited as fully paid and will
rank pari passu in all respects with the Company's then existing Ordinary
Shares, including the right to receive dividends and other distributions
declared on or after the date of issue.
Application will be made to the London Stock Exchange for the New Ordinary
Shares to be admitted to trading on AIM ("Admission"). It is anticipated that
Admission will become effective, and that dealings in the New Ordinary Shares
will commence at 8.00 a.m. BST on 5 September 2023. The Placing is
conditional, in so far as concerns the Placing Shares upon, among other
things, the passing of the Resolutions, Admission becoming effective, and the
Placing Agreement not being terminated in accordance with its terms prior to
Admission.
For the avoidance of doubt, if the Placing Agreement is terminated prior to
Admission then neither the Fundraising nor the Acquisition will occur.
Details of the Retail Offer
The Company values its retail Shareholder base and believes that it is
appropriate to provide its existing retail Shareholders resident in the United
Kingdom the opportunity to participate in the Retail Offer.
The Company is therefore making the Retail Offer available in the United
Kingdom through the participating financial intermediaries which will be
listed, subject to certain access restrictions, on the following website:
https://www.bookbuild.live/deals/G61JD1/authorised-intermediaries
(https://www.bookbuild.live/deals/G61JD1/authorised-intermediaries) . Cenkos
will be acting as retail offer coordinator in relation to this Retail Offer
(the "Retail Offer Coordinator").
Existing retail Shareholders can contact their broker or wealth manager
("intermediary") to participate in the Retail Offer. In order to participate
in the Retail Offer, each intermediary must be on-boarded onto the BookBuild
platform, have an active trading account with the Retail Offer Coordinator and
have been approved by the Retail Offer Coordinator as an intermediary in
respect the Retail Offer, and agree to the final terms and conditions of the
Retail Offer, which regulate, the conduct of the Retail Offer on market
standard terms and provide for the payment of commission to any intermediary
that elects to receive a commission and/or fee (to the extent permitted by the
FCA Handbook Rules) from the Retail Offer Coordinator (on behalf of the
Company).
Any expenses incurred by any intermediary are for its own account. Investors
should confirm separately with any intermediary whether there are any
commissions, fees or expenses that will be applied by such intermediary in
connection with any application made through that intermediary pursuant to the
Retail Offer.
The Retail Offer will be open to eligible investors in the United Kingdom at
8.00 a.m. on 16 August 2023. The Retail Offer is expected to close at 4.30
p.m. on 24 August 2023. Investors should note that financial intermediaries
may have earlier closing times. The Retail Offer may close early if it is
oversubscribed.
To be eligible to participate in the Retail Offer, applicants must be a
customer of one of the participating intermediaries listed on the above
website, resident in the United Kingdom and, as at the date of this
Announcement or prior to placing an order for Retail Offer Shares,
Shareholders in the Company, which may include individuals aged 18 years or
over, companies and other bodies corporate, partnerships, trusts, associations
and other unincorporated organisations.
The Company reserves the right to scale back any order at its discretion. The
Company reserves the right to reject any application for subscription under
the Retail Offer without giving any reason for such rejection.
It is vital to note that once an application for Retail Offer Shares has been
made and accepted via an intermediary, it cannot be withdrawn.
The Retail Offer is conditional, inter alia, upon the Placing becoming
unconditional and Admission taking effect.
The Retail Offer is an offer to subscribe for transferable securities, the
terms of which ensure that the Company is exempt from the requirement to issue
a prospectus under Regulation (EU) 2017/1129 as it forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018 (as amended and as modified
from time to time by or under domestic law). The aggregate total consideration
for the Retail Offer will not exceed €8 million (or the equivalent in pounds
Sterling) and therefore the exemption from the requirement to publish a
prospectus, set out in section 86(1) FSMA, will apply.
As set out above, a separate announcement will be made shortly by the Company
regarding the Retail Offer and its terms.
Acquisition Agreement
Pursuant to the Acquisition Agreement, Concurrent Technologies Inc, a wholly
owned subsidiary of the Company (the "Buyer"), has conditionally agreed to
acquire all of the issued and outstanding shares in common stock in Phillips
Machine & Welding Company, Inc from the Sellers for an aggregate
consideration of approximately US$3.375 million (approximately £2.64 million)
as further detailed below. Prior to Completion the Sellers shall cause Stryker
to transfer Stryker's machine shop division out of Stryker, such that at
Completion Stryker shall not own the machine shop division or any of its
assets. In the year to 31 December 2022, Stryker delivered US$1.86 million
(approximately £1.46 million) in revenue and incurred a loss of US$536k after
tax. The Board believes that there were one-off costs incurred during this
period which negatively impacted the profitability of the business and,
further, that there are clearly defined synergies and opportunities to scale
the Stryker business via the facilitation of Concurrent Technologies global
sales channels and access to capital.
Consideration
Subject to satisfying all of the conditions to Completion, the total purchase
price of approximately US$3.375 million will be payable by Concurrent
Technologies as consideration for the Acquisition. The consideration will be
satisfied as follows:
Upfront cash consideration* US$1.875 million (approx. £1.47 million)
Allotment and issue of the Consideration Shares US$1.500 million (approx. £1.17 million)
Total Consideration US$3.375 million (approx. £2.64 million)
*The cash consideration is subject to adjustment if the aggregate of actual
cash, indebtedness, transaction expenses and working capital differs from
estimates provided three days before closing.
In addition, Randy Dunn and Donald McKenna will be awarded Concurrent
Technologies share options under the existing Company LTIP.
Conditions to Completion
Completion is conditional on, among other things, the Company being in receipt
of the Fundraising proceeds (the "Conditions").
If the Conditions have not been met or waived (either by the Buyer or the
sellers as applicable) on or before 30 September 2023 (or such date as the
buyer and the Sellers may agree) ("Acquisition Long Stop Date") the
Acquisition Agreement will terminate.
Undertakings of the Sellers up to Completion
The Acquisition Agreement contains certain undertakings given by the Sellers
to the Buyer restricting the conduct of the business and affairs of Stryker
during the period between the date of execution of the Acquisition Agreement
and Completion.
General Meeting
The Board is seeking the approval of Shareholders at the General Meeting to
allot the New Ordinary Shares.
The Notice of General Meeting, details of which are provided above, will be
set out at the end of the Circular.
The Fundraising is conditional, inter alia, on the passing of the Resolutions
by Shareholders at the General Meeting. If either of the Resolutions are not
passed at the General Meeting, the Fundraising will not proceed and the
Acquisition will not complete.
Expected Timetable of Principal Events
Announcement of the Fundraising and Acquisition and posting of the Circular 16 August 2023
Announcement of the Retail Offer 16 August 2023
Announcement of the result of the Retail Offer 25 August 2023
Latest time and date for receipt of Form of Proxy or CREST proxy appointment 11.00 a.m. on 2 September 2023
for the General Meeting
General Meeting 11.00 a.m. on 4 September 2023
Results of General Meeting announced 4 September 2023
Admission effective and dealings in the Placing Shares, Retail Offer Shares 5 September 2023
and Consideration Shares expected to commence on AIM
Where applicable, expected date for dispatch of definitive share certificates within 10 Business Days following Admission
for Placing Shares, Retail Offer Shares and Consideration Shares to be held in
certificated form
Completion of the Acquisition 6 September 2023
Each of the times and dates refer to London (UK) time and are subject to
change by the Company (with the agreement of Cenkos), in which case details of
the new times and dates will be notified to the London Stock Exchange and the
Company will, if appropriate, make an announcement through a Regulatory
Information Service. Certain of the events in the above timetable are
conditional upon, inter alia, the approval of the Resolutions to be proposed
at the General Meeting.
Note to Editors:
About Concurrent Technologies Plc
Concurrent Technologies Plc develops and manufactures high-end embedded Plug
In Cards and Systems for use in a wide range of high performance, long life
cycle applications within the telecommunications, defence, security,
telemetry, scientific and aerospace markets, including applications within
extremely harsh environments. The processor products feature Intel(®)
processors, including the latest generation embedded Intel(®) Core™
processors, Intel(®) Xeon(®) and Intel Atom™ processors. The products are
designed to be compliant with industry specifications and support many of
today's leading embedded Operating Systems. The products are sold world-wide.
For more information on Concurrent Technologies Plc and its products please
visit www.gocct.com (http://www.gocct.com) .
All trademarks, registered trademarks and trade names used in this
Announcement are the property of their respective owners.
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Mark Cubitt
2. Reason for the Notification
a) Position/status Non-Executive Chairman
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Concurrent Technologies Plc
b) LEI 213800422HXP2X6UPD94
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary shares of 1 pence each
Identification code GB0002183191
b) Nature of the Transaction Acquisition of Placing Shares
c) Price(s) and volume(s) Price(s) Volume(s)
65 pence 50,000 ordinary shares
d) Aggregated information N/A - Single Transaction
Aggregated volume price
e) Date of the transaction 16 August 2023
f) Place of the transaction AIM, London Stock Exchange
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Miles Adcock
2. Reason for the Notification
a) Position/status Chief Executive Officer
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Concurrent Technologies Plc
b) LEI 213800422HXP2X6UPD94
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary shares of 1 pence each
Identification code GB0002183191
b) Nature of the Transaction Acquisition of Placing Shares
c) Price(s) and volume(s) Price(s) Volume(s)
65 pence 61,538 ordinary shares
d) Aggregated information N/A - Single Transaction
Aggregated volume price
e) Date of the transaction 16 August 2023
f) Place of the transaction AIM, London Stock Exchange
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Kim Garrod
2. Reason for the Notification
a) Position/status Chief Financial Officer
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Concurrent Technologies Plc
b) LEI 213800422HXP2X6UPD94
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary shares of 1 pence each
Identification code GB0002183191
b) Nature of the Transaction Acquisition of Placing Shares
c) Price(s) and volume(s) Price(s) Volume(s)
65 pence 15,000 ordinary shares
d) Aggregated information N/A - Single Transaction
Aggregated volume price
e) Date of the transaction 16 August 2023
f) Place of the transaction AIM, London Stock Exchange
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Nat Edington
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Concurrent Technologies Plc
b) LEI 213800422HXP2X6UPD94
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary shares of 1 pence each
Identification code GB0002183191
b) Nature of the Transaction Acquisition of Placing Shares
c) Price(s) and volume(s) Price(s) Volume(s)
65 pence 30,000 ordinary shares
d) Aggregated information N/A - Single Transaction
Aggregated volume price
e) Date of the transaction 16 August 2023
f) Place of the transaction AIM, London Stock Exchange
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END ACQDGGDISDBDGXURecent news on Concurrent Technologies
See all newsREG - Concurrent Tech. - Final results for the year ended 31 December 2023
AnnouncementREG - Concurrent Tech. - US Contract Win and Notice of Results
AnnouncementREG - Concurrent Tech. - New Product Announcement
AnnouncementREG - Concurrent Tech. - Board Appointment
AnnouncementREG - Concurrent Tech. - Trading update
Announcement