REG - Mobile Tornado Group - Licence to occupy agreement

Mobile TornadoAnnouncement

27/09/2024 16:30

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RNS Number : 0901G  Mobile Tornado Group PLC  27 September 2024

27 September 2024

 

Mobile Tornado Group Plc

("Mobile Tornado", the "Company" or the "Group")

 

Licence to occupy agreement

 

Mobile Tornado (AIM: MBT), a leading provider of resource management mobile
solutions to the enterprise market, announces that it has entered into a
licence to occupy agreement to cover the Company's continued use of office
space at Cardale House, Harrogate ("Cardale House").

 

The Company has been granted access to office space in Cardale House for
several years from InTechnology plc ("InTechnology"). As a result of an
increase in the Company's UK headcount over the past twelve months, there has
been an increase in the amount of space required in Cardale House. In order to
accommodate this, the Company has today entered into a licence to occupy
agreement (the "Licence") with InTechnology and the administrator to
InTechnology, pursuant to which Mobile Tornado will pay a £30,000 licence fee
to InTechnology to cover the occupancy at Cardale House from 6 September 2024
to 31 December 2024. The Licence fee is inclusive of all related service
charges, including rates, utilities and cleaning services.

 

This Licence supersedes all previous agreements between Mobile Tornado and
InTechnology related to the occupancy at Cardale House. Following the end of
the Licence period, the Company intends to seek an alternative location for
its UK operations.

 

Related party transaction

 

InTechnology is controlled by Holf Investments Limited, which is a substantial
shareholder in the Company as defined in the AIM Rules for Companies ("AIM
Rules") and owned by Peter Wilkinson, former Non-Executive Director, and his
wife. As a result, the Licence constitutes a related party transaction under
Rule 13 of the AIM Rules. The independent directors of the Company, having
consulted with the Company's nominated adviser, Allenby Capital Limited,
consider the terms of the Licence to be fair and reasonable insofar as the
Company's shareholders are concerned.

 

Enquiries:

 

 Mobile Tornado Group plc                                  +44 (0)7734 475 888
 Jeremy Fenn, Chairman and acting CEO                      www.mobiletornado.com (http://www.mobiletornado.com/)

 Allenby Capital Limited (Nominated Adviser & Broker)      +44 (0)20 3328 5656
 James Reeve / Piers Shimwell

 David Johnson (Sales and Corporate Broking)

 

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