REG-Quantum Blockchain Technologies Plc: Related Party Transaction

Quantum Blockchain TechnologiesAnnouncement

02/08/2024 07:15

1 August 2024

Quantum Blockchain Technologies Plc

( “QBT” or “the Company”)

 

 

Related Party Transaction

 

QBT announces that, on 7 April 2023, the Company entered into a consultancy
agreement (the  “Agreement”) with Infusion (2009) Ltd  (“Infusion”),
 a company controlled by  QBT’s executive chairman and chief executive
officer, Francesco Gardin (“FG”),  and of which FG is a director. The
Agreement commenced with effect from 1 January 2022.

 

Under the Agreement, Infusion provides QBT the services of FG as chief
research officer responsible for coordinating and leading QBT’s research and
development activities. The Agreement may be terminated by either party
providing six months’ notice and, in certain circumstances, QBT may
terminate the Agreement without notice.  

 

The fee payable by QBT to Infusion under the Agreement is £12,500 per month
plus an additional amount, awarded at the discretion of the board of QBT, to
reflect exceptional performance. In the years to 31 December 2022 and 2023,
amounts of €200,000 and €288,000 respectively were paid by QBT to Infusion
for the services of FG provided under the Agreement and have been disclosed in
the Company’s annual report and accounts for each of those years.

 

The entering into the Agreement by QBT is a related party transaction under
Rule 13 of the AIM Rules for Companies. With the exception of Francesco
Gardin, who is involved in the transaction as a related party, the directors
of the Company consider, having consulted with the Company’s nominated
adviser, that the terms of the transaction are fair and reasonable insofar as
its shareholders are confirmed.     

 

 

For further information please contact:

 

Quantum Blockchain Technologies Plc 
Francesco Gardin, CEO and Executive Chairman +39 335 296573

 

SP Angel Corporate Finance (Nominated Adviser & Broker) 
Jeff Keating +44 (0)20 3470 0470 
 

Leander (Financial PR) 
Christian Taylor-Wilkinson +44 (0) 7795 168 157

 

 

About Quantum Blockchain Technologies Plc

QBT (AIM: QBT) is an AIM listed investment company with a strategic focus on
technology related investments, including a special regard towards Quantum
Computing, Blockchain, Cryptocurrencies and AI sectors. The Company has an
aggressive R&D and investment programme in the dynamic world of Blockchain
Technology, which includes cryptocurrency mining and other advanced blockchain
applications.



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