REG - GSTechnologies Ltd - Issue of Semnet Consideration Shares

GSTechnologiesAnnouncement

02/12/2024 07:00

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RNS Number : 2775O  GSTechnologies Ltd  02 December 2024

2 December 2024

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Issue of Semnet Consideration Shares

GSTechnologies Limited (LSE: GST), the fintech focused company, announces,
further to the Company's announcement on 29 February 2024 that it had
completed the acquisition of 66.67% of the issued share capital of Semnet Pte
Ltd ("Semnet"), that the outstanding US$1 million of the consideration for
66.67% of Semnet, to be paid through the issue of ordinary shares of no par
value in the Company ("Ordinary Shares") on the nine month anniversary of
completion, will be satisfied through the provision of 58,844,713 Ordinary
Shares (the "Consideration Shares").  The 58,844,713 Consideration Shares
will be allocated from the 60,000,000 Ordinary Shares currently held by the
Company in treasury ("Allocation").

The Consideration Shares will be issued at a price of 1.34 pence per Ordinary
Share, which is equal to the average of the middle market quotation for an
Ordinary Share as shown by the daily Official List of the London Stock
Exchange for the last five full trading days immediately preceding the payment
date.

As announced on 15 October 2024, with a further update on 19 November 2024,
GST is working with Trident Global Capital Pte Ltd, on strategic preparations
for a potential listing of Semnet on NASDAQ in the US.

Following the Allocation, the issued share capital of the Company is
2,034,269,896 Ordinary Shares, each share carrying the right to one vote, of
which 1,155,287 are held in treasury. Therefore, the Company's total number of
Ordinary Shares and voting rights will be 1,974,269,896 and 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.

Enquiries:

 

The Company

Tone Goh, Executive Chairman

+65 6444 2988

 

Financial Adviser

First Sentinel Corporate Finance

+44 (0)20 3855 5551  

Brian Stockbridge / Gabrielle Cordeiro

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630

 

 

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