REG - Crossword Cybersec - Related Party Transaction

Crossword CybersecurityAnnouncement

23/08/2022 07:00

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RNS Number : 7871W  Crossword Cybersecurity PLC  23 August 2022

Crossword Cybersecurity Plc

Related Party Transaction

23 August 2022 - London, UK Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the cybersecurity solutions company focused on cyber strategy
and risk, today announces that Crossword Consulting Limited ("Crossword
Consulting"), a subsidiary of the Group, has entered into a framework
agreement (the "Framework Agreement") with Cumberland House Consulting Ltd
("Cumberland House"), a company connected with Crossword Director Dr. Robert
Coles, which therefore constitutes a related party transaction under Rule 13
of the AIM Rules for Companies.

Cumberland House, a private information technology consultancy business,
manages consultancy projects for a third-party client. Where additional
capacity and expertise is required, Crossword Consulting will be providing its
consulting services. Under the Framework Agreement, Crossword Consulting can
provide consulting services at standard charge out rates up to a value of
£500,000. Crossword Consulting generated a gross profit percentage of 8.2%
during the year ended 31 December 2021. Two work orders for a cumulative value
of £132,000 have been signed under the Framework Agreement.

The Independent Directors, being the Crossword Directors other than Dr. Robert
Coles consider, having consulted with the Company's Nominated adviser,
consider that the terms of the Framework Agreement with Cumberland House are
fair and reasonable insofar as the Company's Shareholders are concerned.

- Ends -

 

 

Contacts

 

Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

 

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Daphne Zhang / Ciara Donnelly

 

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

 

For media enquiries contact:

Financial PR:

David Hothersall, Kinlan Communications

davidh@kinlan.net - Tel: +44 (0) 207 638 3435

General:

Duncan Gurney, GingerPR

duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies
understand and reduce cyber security risk. We do this through a combination of
people and technology, in the form of SaaS and software products, consulting,
and managed services. Crossword's areas of emphasis are cyber security
strategy and risk, supply chain cyber, threat detection and response, and
digital identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four areas. We
work closely with UK universities and our products and services are often
powered by academic research-driven insights. In the area of cybersecurity
strategy and risk our consulting services include cyber maturity assessments,
industry certifications, and virtual chief information security officer
(vCISO) managed services.

 

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM)
is supported by our best-selling SaaS platform, Rizikon Assurance, along with
cost-effective cyber audits, security testing services and complete managed
services for supply chain cyber risk management. Threat detection and response
services include our Nightingale AI-based network monitoring, Nixer to protect
against application layer DDoS attacks, our Trillion and Arc breached
credentials tracking platforms, and incident response. Crossword's work in
digital identity is based on the World Wide Web Consortium W3C verifiable
credentials standard and our current solution, Identiproof, enables secure
digital verification of individuals to prevent fraud.

 

Crossword serves medium and large clients including FTSE 100, FTSE 250 and
S&P listed companies in various sectors, such as defence, insurance,
investment and retail banks, private equity, education, technology and
manufacturing and has offices in the UK, Poland and Oman. Crossword is traded
on the AIM market of the London Stock Exchange.

 

Visit Crossword at https://www.crosswordcybersecurity.com/
(https://www.crosswordcybersecurity.com/)

 

 

 

 

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