REG - Maestrano Group PLC - Result of AGM and Name Change

CordelAnnouncement

18/11/2021 10:15

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RNS Number : 8307S  Maestrano Group PLC  18 November 2021

18 November 2021

 

Maestrano Group PLC

("Maestrano" or the "Company" or the "Group")

 

Result of AGM & Name Change

 

Maestrano Group PLC (AIM: MNO), the Artificial Intelligence platform for
transport corridor analytics, is pleased to announce that at its Annual
General Meeting ("AGM) held today, all resolutions were duly passed, including
the proposed change of Group name to Cordel Group PLC.

 

The change of name reflects better the strategic focus of the Group and will
help with the Company's sales and marketing efforts. The Group is a leader in
infrastructure monitoring through automation and machine learning. The
flagship Cordel solution is focused on the rail industry, predicting, and
identifying maintenance needs including issues with vegetation, overhead
lines, and track ballast.  Managing infrastructure assets is a major
component of the overall railway management system market, which is projected
to grow strongly.  Global Market Insights Inc estimates that the market was
over US$33 billion in 2017 and set to grow at a compound annual growth rate
(CAGR) of over 10% between 2018 and 2024 to reach US$64 billion.  Within
this, the growth of support and maintenance spend will be higher across the
same period, at 16% CAGR. (GMI Report, December 2018
(https://www.gminsights.com/industry-analysis/railway-management-system-market)
).

 

The Cordel offering is a new entrant into this growth environment and aims to
take market share away from older, less effective approaches to asset
infrastructure monitoring, as well as take advantage of new budgets being
allocated, as innovation-oriented spend grows within the ongoing market
expansion.  The Group already has key 'anchor' customers for Cordel in
the Australian Rail Track Corporation (ARTC) and Network Rail in the UK.

 

Cordel is seeking to establish a strong business in rail before expanding into
road and energy infrastructure.

 

The Group's ticker for AIM will be CRDL and the website address (including the
investor relations content and the information required by AIM Rule 26) will
change to www.cordel.ai The Group's ISIN (GB00BYZQM590) and SEDOL (BYZQM59)
will remain the same. A further announcement will be made once the change of
name has taken effect. In light of current processing times, the Company is
allowing up to 10 weeks delay for Companies House processing.

 

Shareholders will be unaffected by the change of name and existing share
certificates should be retained and remain valid. Following the name change,
any new share certificates issued will bear the name Cordel Group Plc.

 

 

Enquiries:

 

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

 Nick Smith, CEO

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

 SEC Newgate (Financial PR)                     +44(0) 7540 106366
 Robin Tozer / Bob Huxford / Tom Carnegie       maestrano@secnewgate.co.uk

 

About Maestrano

Maestrano offers a patented cloud-based platform for master data management
and 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.maestrano.com
(http://www.maestrano.com)

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