Placing and Appointment of Advisory Board
06/09/2024 12:18
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RNS Number : 2754D Pitch Pit plc 06 September 2024
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6 September 2024
Pitch Pit PLC
("Pitch Pit" or the "Company")
Placing and Appointment of Advisory Board
Pitch Pit (AQSE: PICH), an artificial intelligence (AI) and technology
accelerator, is pleased to announce that the Company intends to raise up to
£500K by way of a placing (the "Fundraise") of new Ordinary Shares at a
pre-money valuation of circa £1.5m. The funds will be used for working
capital and staff costs for the launch of the Pitch Pit Accelerator where
Pitch Pit will assist companies to procure funding from third party sources
and assist them with their scale up and development. It is intended that
revenue will be generated by Pitch Pit for providing these services and it
will also seek equity positions in these companies in lieu of fees. As some
of these companies grow and attract additional funding and achieve exits,
Pitch Pit would hope to make capital gain on its equity positions. Further
announcements will be made once the fundraise is complete.
We are currently working with over 10 companies that are or will be part of
Pitch Pit's initial cohort. These companies have successfully completed the
initial screening process, and the majority have received funding or grants.
We also have a robust pipeline of companies that we are preparing to bring
into our cohort. Additional information on these companies will be provided
in further announcements. There are also two events planned in September.
One in Leicester on 24(th) September that Pitch Pit put together with Barclays
Eagle Labs, the division of Barclays Bank UK plc that offers support to start
up and scale up businesses, and one on 25 September with Pitchflix, an event
focussed on female founders to be held in Canary Wharf.
Advisory Board
The Company is pleased to announce the formation of an Advisory Board
("Advisory Board"), with the purpose of offering the Company's leadership team
valuable advice and industry insight spanning technical, operational,
commercial and strategic matters as well as supporting the Company in the
realisation of its growth goals and objectives of developing the Pitch Pit
Accelerator.
The Advisory Board comprises of the following members:
Alexander Easdale is a billionaire Scottish businessman renowned for his
significant contributions to the transportation sector, particularly as the
co-owner of McGill's Buses, Scotland's largest independent bus company. Beyond
transportation, Sandy is also well-known for his involvement in Scottish
football, notably through his connection with Rangers Football Club. His
extensive experience spans various industries, and his sharp business acumen
and financial success has earned him a place on the Times Rich List.
Saleem Arif is Entrepreneur in Residence at London Business School and an
Honorary Fellow of the University of Leicester School of Business. Saleem is
also Chairman and Co-founder of ReviewSolicitors, the UK's largest legal
review platform. Over 6 million people visited the site last year to decide
which law firm to use. Over 4000 law firms have chosen ReviewSolicitors as
their review collection partner. Previously, Saleem was the founder of
QualitySolicitors, which became the UK's first national legal brand with 400
branches nationwide. The business grew to £7m turnover in under 3 years and a
majority stake was sold to private equity. Along with an Economics degree
from Jesus College, Cambridge, he holds an MBA from London Business School.
Luis Miguel Lancos is founder and CEO of DataWhisper LTD, pioneering safe and
compliant AI solutions where he successfully raised SEIS funding. Previously
he led European technology as senior vice president at Elavon /U.S. Bank Corp,
$71bn market cap, with a 300+ technology team in Europe, driving a
multi-million-dollar digital transformation and leading mergers and
acquisitions, including the $300m acquisition of Sage Pay. He held key roles
at Atos Group and Worldline, €2.3bn market cap.
The Company believes that the composition of this Advisory Board will be
instrumental as we begin enrolling companies into the Pitch Pit Accelerator.
The Advisory Board members bring a diverse array of skills, ranging from
advanced technological expertise to proven strategies for running successful
businesses.
As we continue to grow, we will seek additional Advisory Board members with
diverse skill sets to ensure we are well-positioned to provide the best
possible guidance to our cohort members.
For more information, please visit the Company's website at
https://pitchpit.ai/ (https://pitchpit.ai/)
The Directors of the Company take responsibility for this announcement.
Pitch Pit PLC
Jeremy Woodgate Via Alfred Henry
Alfred Henry Corporate Finance Ltd
Corporate Advisor
Nick Michaels, Maya Klein Wassink +44 (0) 20 3772 0021
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