Corporate Update
20/06/2022 07:00
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RNS Number : 4336P CYBA PLC 20 June 2022
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20 June 2022
CYBA Plc
('CYBA' or the 'Company')
Corporate Update and Proposed Name Change
CYBA plc (LSE: CYBA) ("the Company"), is pleased to provide an update on
planned corporate developments.
OVERVIEW
· The Company proposes a change of name to NARF Industries plc to
reflect the reverse takeover by the NARF Industries Group, the advanced
cybersecurity research and development company based in the US
· Steve Bassi to become Chief Executive Officer
BACKGROUND AND NARF DETAILS
CYBA was created as a Cash Shell (SPAC) company and listed on the London Stock
Exchange in March 2021.
In March 2022 CYBA completed the 100% acquisition of NARF Industries Group
which leads advanced cybersecurity research and development projects in the US
primarily commissioned by government agencies.
Following the acquisition, the Company no longer was an investment company,
instead forming part of an Operating Group.
The Board has determined to change the Company's name to NARF Industries plc
reflecting the Reverse Take-Over ("RTO") by NARF Industries Group.
Executive Management Team
Steve Bassi, who is currently a Non-Executive Director of the Company and CEO
of the NARF Industries Group, has been formally appointed as Chief Executive
Officer.
Robert Mitchell will remain as Executive Chairman and Rory Heier and John
Herring will continue as Directors.
Further senior appointments consistent with NARF's business focus will be
announced in due course.
Stock Exchange Matters
The proposed change of name to NARF Industries plc will be proposed as special
resolution at the Company's 2022 Annual General Meeting, notice of which will
be provided in the coming weeks.
The Company will change its LSE Stock Exchange Ticker to NARF. The Company's
ISIN will remain unchanged. The proposed change of company name will not
affect the rights of shareholders and all existing share certificates should
be retained as they will remain valid. Shareholdings held electronically in
the CREST system will simply be renamed on the date that the name change
becomes effective.
CEO, Steve Bassi, said: "NARF's products and services provide a vast
opportunity to create value for shareholders; accordingly, we are looking
forward to delivering these prospects, and going forward as NARF Industries
Plc. This is an exciting period for the Company as we focus on what is
clearly a major opportunity and I look forward to updating shareholders on
further progress."
Executive Chairman Robert Mitchell, said: CYBA plc was created and Listed on
the London Stock Exchange as a cash-shell ('SPAC') with a mission statement to
make an acquisition of a proven opportunity in the Cyber Security space.
Having extensively researched the market opportunities the Board concluded the
NARF Industries Group represented a unique opportunity to create shareholder
value. We expect to be able to make further announcements in due course on
developments in the existing NARF portfolio. The corporate actions detailed
above and appointment of Steve Bassi as Chief Executive Officer reflect the
successful completion of the process for CYBA and the transformation into an
operating business with a proven and respected leadership team which we are
proud to have brought to the London Stock Exchange.
**ENDS**
For further information on the Group please visit www.cybaplc.com
(http://www.cybaplc.com/) and narfindustries.com
(http://www.narfindustries.com/) or contact:
Robert Mitchell CYBA plc Tel: +44 (0) 20 3468 2212
Peter Krens Tennyson Securities Tel: +44 (0)207 186 9030
Catherine Leftley / Charlotte Page / Isabel de Salis St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
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