REG - Parity Group PLC - Sale and Licence of Trademark

PartwayAnnouncement

30/12/2022 07:00

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RNS Number : 2431L  Parity Group PLC  30 December 2022

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the
publication of this announcement, this information is now considered to be in
the public domain.

 

30 December 2022

 

PARITY GROUP PLC

SALE AND LICENCE OF TRADEMARK

 

Parity Group plc ("Parity" or the "Group"), the data and technology focused
recruitment and professional services business, is pleased to announce that it
has agreed to sell to Gap Capital Ventures LLC ("Gap Capital") the trademarks
that it holds in the UK and EU to the 'Parity' name. As part of the
transaction, Parity is granted a perpetual, royalty free and irrevocable
licence to continue to use the trademarks (together, the "Sale and Licence").

The consideration to be received by the Group for the Sale and Licence of the
trademarks is £950,000 in cash, payable in full immediately, with the value
of the trademarks currently being ascribed nil value within the Group's
accounts and there being no profit associated with them.  The proceeds from
the Sale and Licence will be used to provide the Group with additional working
capital and enable the business to fund investment for growth in the first
half of next year.

Mark Braund, Executive Chairman of Parity Group plc, said:

"The Sale and Licence of the Parity trademarks will have minimal impact on the
Group's activities whilst generating significant value that will provide the
Group with the opportunity to accelerate some of its growth plans and thereby
shareholder value.

We look forward to providing a trading update on the Group's activities in the
last week of January 2023."

 

 Contacts

 Parity Group PLC                                        www.parity.net (http://www.parity.net)
 Mark Braund, Executive Chairman                         + 44 (0) 208 171 1729

 Mike Johns, CFO

 Allenby Capital Limited (Nominated Adviser and Broker)
 David Hart / Freddie Wooding (Corporate Finance)        +44 (0) 20 3328 5656

 Tony Quirke (Sales and Corporate Broking)

 

 

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