REG - Cordel Group PLC - Result of Oversubscribed Placing

CordelAnnouncement

31/03/2023 07:45

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RNS Number : 9159U  Cordel Group PLC  31 March 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THIS "ANNOUNCEMENT")
IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR
IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, NEW ZEALAND OR ANY
OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL ("RESTRICTED JURISDICTION"). THIS ANNOUNCEMENT IS NOT AN OFFER OF
SECURITIES FOR SALE IN THE UNITED STATES. THE SECURITIES DISCUSSED HEREIN HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS
AMENDED (THE "US SECURITIES ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE US
SECURITIES ACT. NO PUBLIC OFFERING OF THE SECURITIES DISCUSSED HEREIN IS BEING
MADE IN THE UNITED STATES AND THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE AN OFFERING OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND.

FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR
OTHERWISE ACQUIRE SHARES IN CORDEL GROUP PLC IN ANY JURISDICTION IN WHICH ANY
SUCH, OFFER OR SOLICITATION WOULD BE UNLAWFUL.

31 March 2023

Cordel Group plc

("Cordel" or the "Company")

Result of oversubscribed Placing to raise £1.7 million

Cordel Group plc (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, is pleased to announce that, further to the
announcement made at 5.36 p.m. on 30 March 2023, the Company has raised gross
proceeds of £1.7 million (before expenses) by placing 28,571,428 Placing
Shares at a price of 6 pence per Placing Share with new institutional, other
and existing investors.

The Placing is conditional on Admission becoming effective.

Admission and Total Voting Rights

Upon Admission, the Company will have 198,998,614 Ordinary Shares in issue.
The Company holds no Ordinary Shares in Treasury. This figure may be used by
Shareholders 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 FCA's Disclosure Guidance and
Transparency Rules. The Placing Shares will represent approximately 14.36 per
cent. of the Company's Enlarged Share Capital.

Application is being made for the 28,571,428 Placing Shares to be admitted to
trading on AIM. Subject to the Placing Agreement not having been terminated in
accordance with its terms, it is anticipated that admission of the Placing
Shares will occur at 8.00 a.m. on or around 4 April 2023. The Placing Shares
will rank pari passu with the existing Ordinary Shares.

Capitalised terms not otherwise defined in this Announcement shall have the
same meaning ascribed to such terms in the announcement released at 5.36 p.m.
on 30 March 2023, unless defined herein or the context requires otherwise.

Ian Buddery, Chairman, Cordel, said: "We're delighted with the overwhelming
support from UK investors for our USA expansion strategy, as we build on the
success of our Amtrak contract."

For further information please contact:

 Cordel Group Plc                                             c/o Zeus
 Ian Buddery, Chairman
 John Davis, Interim Chief Executive Officer

 Zeus (Broker and Bookrunner)                                 +44 (0)20 3829 5000
 Simon Johnson (Broking)

 Stuart Andrews / Alex Campbell-Harris (Investment Banking)

 Strand Hanson Limited (Nominated Adviser)                    +44 (0)20 7409 3494
 Richard Johnson / James Bellman

This Announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018 ("MAR"). Prior to publication, certain information
contained within this Announcement was deemed to constitute inside information
for the purposes of Article 7 of MAR. In addition, market soundings (as
defined in MAR) were taken in respect of the Placing with the result that
certain persons became aware of inside information (as defined in MAR), as
permitted by MAR. Due to the publication of this Announcement, those persons
that received inside information in a market sounding are no longer in
possession of such inside information relating to the Company and its
securities.

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
(http://www.cordel.ai/)

IMPORTANT INFORMATION

To the extent that this Announcement contains certain forward-looking
statements with respect to certain of the Company's plans and its current
goals and expectations relating to its future financial condition and
performance, a number of risks and uncertainties exist. The Company cautions
readers that any forward-looking statement is no guarantee of future
performance and that actual results could differ materially from those
contained in the forward-looking statements.

A forward-looking statement can be identified by the fact that they do not
relate only to historical or current facts. Forward-looking statements
sometimes use words such as "aim", "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", "predict" or other words of
similar meaning. Examples of forward-looking statements include, amongst
others, statements regarding or which  make assumptions in respect of the
planned use of the proceeds of the Fundraising, the liquidity position of the
Company, the future performance of the Company, future foreign exchange rates,
interest rates and currency controls, the future political and fiscal regimes
in the overseas markets in which the Company operates, the Company's future
financial position, plans and objectives for future operations and any other
statements that are not historical fact.

By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances, including, but not
limited to, economic and business conditions, the effects of continued
volatility in credit markets, market related risks such as changes in interest
rates and foreign exchange rates, the policies and actions of governmental and
regulatory authorities, changes in legislation, the further development of
standards and interpretations under International Financial Reporting
Standards ("IFRS") applicable to past, current and future periods, evolving
practices with regard to the interpretation and application of standards under
IFRS, the outcome of pending and future litigation or regulatory
investigations, the success of future acquisitions and other strategic
transactions and the impact of competition. A number of these factors are
beyond the Company's control. As a result, the Company's actual future results
may differ materially from the plans, goals, and expectations set forth in the
Company's forward-looking statements.

Any forward-looking statement made in this Announcement by or on behalf of the
Company speak only as of the date they are made. These forward-looking
statements reflect the Company's judgement at the date of this Announcement
and are not intended to give any assurance as to future results. Except as
required by the Financial Conduct Authority of the UK ("FCA"), the London
Stock Exchange Plc ("London Stock Exchange"), the AIM Rules or applicable law,
the Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward looking statements contained
in this announcement to reflect any changes in the Company's expectations with
regard thereto or any changes in events, conditions or circumstances on which
any such statement is based.

References to time in this Announcement are to London time, unless otherwise
stated.

Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
Announcement.

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