REG - Cordel Group PLC - Appointment of Nominated Adviser

CordelAnnouncement

28/04/2022 07:15

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RNS Number : 5762J  Cordel Group PLC  28 April 2022

28 April 2022

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

 

Appointment of Nominated Adviser

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, is pleased to announce the appointment of Strand
Hanson Limited ("Strand Hanson") as its Nominated and Financial Adviser with
immediate effect. Arden Partners plc will continue to act as Broker to the
Company.

Further to the announcements by Arden Partners Plc on 11 and 14 April 2022
regarding the loss of its nominated adviser status upon the completion of its
recommended takeover, the Company has appointed Strand Hanson as its nominated
adviser. Given the timing of the completion of the recommended takeover of
Arden Partners Plc, the Exchange has agreed that subject to initial due
diligence being undertaken, Strand Hanson Limited has until 5pm on 27 July
2022 to complete its full due diligence.

There can be no guarantee on the outcome of the full due diligence and its
impact on Strand Hanson's decision to continue to act as nominated adviser.
Accordingly, in such circumstances there is a risk that if the Strand Hanson
does not continue to act as nominated adviser following completion of its full
due diligence and the Company has not found an alternative nominated adviser,
the Company's AIM securities may be suspended pursuant to AIM Rule 1. If
within one month of that suspension, the Company has failed to appoint a
replacement nominated adviser, the admission of its AIM securities will be
cancelled.

Notwithstanding the extension of time provided in respect of completing full
due diligence obligations at engagement, Strand Hanson will continue to be
subject to all the ongoing nominated adviser responsibilities under the AIM
Rules for Nominated Advisers.

 

Enquiries:

 

 Cordel Group PLC                           c/o SEC Newgate
 Ian Buddery, Chairman

 Nick Smith, CEO

 Arden Partners plc Broker                  +44 (0)20 7614 5900
 Richard Johnson / Ruari McGirr

 Strand Hanson Limited Nominated Advisor    +44 (0)20 7409 3494

 James Bellman

 SEC Newgate (Financial PR)                 +44 (0)7540 106366
 Robin Tozer / Bob Huxford / George Esmond  cordel@secnegwate.co.uk

 

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and
reporting on large datasets within the transport sector, employing
sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai

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