REG - RiverFort Global Opp - Smarttech 247 - update on investee company

Riverfort Global OpportunitiesAnnouncement

04/08/2021 13:40

RNS Number : 5926H
  
RiverFort Global Opportunities PLC
  
04 August 2021
  
 

4 August 2021
RiverFort Global Opportunities plc
("RGO" or the "Company")
Smarttech247 - update on investee company
RGO is pleased to note today's announcement by Conduity Capital plc ("Conduity") regarding the possible RTO of Smarttech 247, one of the Company's pre-IPO investee companies, in order to effect a listing of that company.  The valuation ascribed to Smarttech247 is significantly higher than the valuation at which RGO invested at earlier in the year, reflecting the rapid progress that this company has made in recent months and the increasing focus on the cybersecurity sector.
Conduity's announcement stated that it has entered into non-binding heads of agreement to work towards the possible acquisition of Smarttech247 for a total consideration of £33.5 million, to be satisfied by the issue of new ordinary shares in Conduity ("Proposed Acquisition"). Should such a transaction proceed on the currently envisaged terms, it would be classified as a reverse takeover in accordance with the AIM Rules for Companies. The Proposed Acquisition remains subject to contract and satisfactory completion of the necessary due diligence and, at this stage, there is no guarantee that the Proposed Acquisition will complete.  
Smarttech247 is an established global artificial intelligence-based cybersecurity business specialising in automated managed detection and response.  It recently announced that it had been awarded a multi-year contract for managed cybersecurity services by a Fortune Global-1000 advanced manufacturing company, employing over 100,000 staff and has just been awarded a purchase order under this contract to the value of €6 million for plant level operational technology cybersecurity services.
 
Philip Haydn Slater said:
 
"We are pleased with the progress that Smarttech247 has made to date, both operationally and in terms of its planned IPO.  We look forward to announcing further developments in due course."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR") as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). 
For more information please contact: 



RiverFort Global Opportunities plc






+44 20 3368 8978




Philip Haydn-Slater, Non-executive Chairman












Nicholas Lee, Investment Director


























Nominated Adviser






+44 20 7628 3396 




Beaumont Cornish 












Roland Cornish/Felicity Geidt 


























Joint Broker






+44 20 7186 9950 




Shard Capital Partners LLP












Damon Heath/ Erik Woolgar


























Joint Broker






+44 20 7562 3351 




Peterhouse Capital Limited












Lucy Williams











 

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