REG - Crossword Cybersec - Shareholder Circular and Notice of AGM

Crossword CybersecurityAnnouncement

10/07/2023 07:00

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RNS Number : 3871F  Crossword Cybersecurity PLC  10 July 2023

Crossword Cybersecurity Plc

Shareholder Circular and Notice of GM

 

10 July 2023 - London, UK - Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the software and services company focused on cyber security
and risk, announces that it has today published and is posting to shareholders
a circular convening a general meeting to take place on 27 July 2023 (the
"Circular").

On 19th April 2023, the Company announced that it will need to raise
additional capital later this year as it continues to progress towards cash
break-even.  As part of the preparation for any such raise, which could
include convertible loan notes, the Board has noted that the Group is
restricted in its borrowing to £2m under its Articles.  The Group currently
has borrowings of £2m and as such proposes to raise this limit.

At the general meeting, a resolution will be proposed to amend the Articles to
allow the Group to incur debt up to £4.5m, in aggregate.

The Directors unanimously agree that amending the Articles to enable the Group
to borrow the greater of £4.5m and an amount equal to 20% of the Adjusted
Capital and Reserves is in the best interests of the Company and its
Shareholders as a whole. Accordingly, the Directors unanimously recommend that
Shareholders vote in favour of the Resolutions as they intend to do in respect
of their own shareholdings which represent 15.9 per cent. of the Company's
voting rights.

The general meeting will be held at the offices of Shakespeare Martineau LLP
at 60 Gracechurch Street, London EC3V 0HR, United Kingdom at 11:00 a.m. on
27 July 2023.  A copy of the Circular will be available on the Company's
website, https://www.crosswordcybersecurity.com/
(https://www.crosswordcybersecurity.com/) .

- 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 / 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, 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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