REG - Smarttech247 Group - Publication of Circular and Notice of GM

Smarttech247Announcement

06/10/2025 16:30

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RNS Number : 2562C  Smarttech247 Group PLC  06 October 2025

Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

6 October 2025

 

Smarttech247 Group PLC

 

("Smarttech247", the "Group" or the "Company")

 

Publication of Circular and Notice of General Meeting

 

Smarttech247 (AIM: S247), a multi-award-winning provider of AI-enhanced
cybersecurity services providing automated managed detection and response for
a portfolio of international clients, announces that it has today published a
shareholder circular (the "Circular") setting out the following proposals (the
"Proposals"):

 

·          cancel the admission of its Ordinary Shares to trading on
AIM;

·          re-register the Company as a private limited company; and

·          adopt new articles of association for the Company.

The Circular and this announcement sets out the background to, and reasons
for, the Proposals.

The implementation of the Proposals is conditional, inter alia, upon all of
the Resolutions being passed at a General Meeting to be held at 11:00am on 23
October 2025. The Notice convening the General Meeting, at which the
Resolutions will be proposed, is being sent to shareholders today.

Shareholders should note that unless all the Resolutions are approved at the
General Meeting, the De-Listing will not occur as currently proposed.

BACKGROUND TO THE PROPOSALS

The Company was admitted to trading on AIM in December 2022 ("Admission").
Since then, its strategy has delivered continual growth in the number of
global MDR clients serviced and a material increase in revenue generated.
The Company has an excellent client retention rate and provides solutions to
enterprise customers, some of which are Fortune 150-500 companies. The
Company's recurring revenue has increased since the time of admission to
trading on AIM in December 2022, and, in the last financial year, FY2024, the
Company's total annual revenues had grown to €13.2 million.

The Company operates in a highly attractive and high growth sector and, over
this period, it has secured numerous multi-year client contracts from
organisations such as leading universities, pharmaceutical companies,
government and automotive companies.

However, notwithstanding all of the above, the Company's share price has
reduced significantly since Admission, with limited liquidity over this
period.  In addition, no tangible benefits have arisen in the Company's view
from the trading of its shares on AIM.  In particular, a key benefit of a
listing was the anticipated use of the Company's shares as acquisition
currency, however, at this level of valuation, the Board could not justify the
significant dilution to existing shareholders associated with issuing new
shares to make such an acquisition.

The Board therefore believes that continued growth can be better achieved as a
private company and that the costs and management time currently associated
with maintaining a public listing can be reinvested into high-impact areas of
the business focused on growing client numbers, revenue and margins. The Board
also believes that the Company is a growing business in an attractive
high-growth sector and therefore that the current valuation attributed to it
by the public market undervalues its prospects, making it an attractive
acquisition opportunity, at a value which does not properly reflect the
Company's future prospects and real potential.  The Board believes strongly
that if an acquisition of the Company is considered by any third parties, that
a considerably higher valuation would be secured in a de-listed environment
than if the Company remained quoted, which would ultimately benefit all
Shareholders.

De-Listing

Reasons for the De-Listing

The Board has conducted a review of the benefits and drawbacks to the Group in
retaining its AIM quotation and maintaining its existing corporate structure.
The Board believes that the De-Listing is in the best interests of the Company
and its Shareholders as a whole. In reaching this conclusion, the Board has
considered the following key factors:

Unlocking scalable growth capital

The Company has demonstrated robust financial performance, with increasing
overall revenue and a significant increase in annualised recurring revenue
since its admission to AIM. To sustain and build on this trajectory, the
Company believes that it can access more focused private capital at a better
valuation than would currently be available to it as an AIM-quoted company.
The public market has to date, proven less suited to this objective due to the
predominance of smaller-scale retail investment and valuation currently
ascribed to it.

Realising true valuation potential

Despite strong fundamentals, including a growing sales pipeline, multiple new
multi-year contracts, and an expanding international customer base, the
Company believes that its current public market valuation does not fully
reflect its intrinsic value or future potential. The share price performance
and subsequent valuation placed on the Company since admission to AIM has
reduced in a sustained manner. Being a private company will allow the Company
to engage with investors who take a longer-term view and value the business
based on its strategic positioning, recurring revenue model and technological
innovation. This is consistent with enabling the Company to achieve its
longer-term strategic goals in order to maximise value for stakeholders rather
than pursing shorter-term returns

The Board therefore believes that the interests of all Shareholders will be
better served in an off-market context whereby the Company can continue to
focus on high growth levels and the potential to provide all Shareholders with
a liquidity event that fairly reflects the true value of the business and its
global significance in this sector.

Lack of share liquidity

Over the past three years, the Directors consider that the AIM market has
experienced a significant decline in overall performance and investor
engagement. The number of small-cap publicly traded companies in the UK has
steadily declined, notably on AIM, with over 150 companies having left, since
the Company floated in December 2022.

There is, and has been for some time, a lack of liquidity in the Ordinary
Shares such that there is a very limited market for the Ordinary Shares. Over
the past 12 months approximately 13.0 million Ordinary Shares were traded
representing approximately 10.5 per cent. of the current issued share capital
and giving an average daily volume of approximately 51k Ordinary Shares.

Against this backdrop, the Directors believe that the costs and constraints of
remaining on AIM are no longer justified and that the Company is better
positioned to execute its strategic objectives and deliver long-term value as
a private entity.

Listing and compliance costs

Overall, the management time, the significant associated additional adviser
costs and the legal and regulatory burden associated with maintaining the
Company's admission to trading on AIM has become, in the Directors' opinion,
immensely disproportionate to the benefits to the Company. The Directors
believe that the De-Listing will assist in improving margins and allow the
executives to focus on operational excellence without the additional legal and
regulatory burdens imposed by the Company's current listed status.

Effect of the De-Listing

The principal effects of the De-Listing will be that:

·        Shareholders will no longer be able to buy and sell Ordinary
Shares through a public stock market (other than a limited off-market
mechanism provided by the Matched Bargain Facility), arguably further reducing
the liquidity in the Ordinary Shares;

·        the Company will no longer be required to announce material
events or interim results;

·        the Company will no longer be required to comply with many of
the corporate governance requirements applicable to companies traded on AIM;

·        the Company will no longer be subject to the Disclosure
Guidance and Transparency Rules and will therefore no longer be required to
disclose major shareholdings in the Company;

·        the Company will no longer be subject to the AIM Rules, with
the consequence that Shareholders will no longer be afforded the protections
given by the AIM Rules. Such protections include a requirement to obtain
shareholder approval for reverse takeovers and fundamental changes in the
Company's business and to announce, inter alia, certain substantial and/ or
related party transactions; and

·        the De-Listing may have either positive or negative taxation
consequences for Shareholders. Shareholders who are in any doubt about their
tax position should consult their own professional independent adviser
immediately.

Shareholders should note that the City Code will continue to apply to the
Company for two years following the De-Listing. The Company will continue to
be bound by the Companies Act (which requires Shareholders' approval for
certain matters) following the De-Listing.

De-Listing Process

Under the AIM Rules, the De-Listing can only be effected by the Company after
securing a special resolution of Shareholders in a general meeting and the
expiry of a period of 20 clear Business Days from the date on which notice of
the De-Listing is given to the London Stock Exchange.

In addition, a period of at least five clear Business Days following
Shareholders' approval of the De-Listing is required before the De-Listing may
become effective. The Resolutions seek (amongst other matters) the approval of
Shareholders for the De-Listing. Assuming that the Resolutions are approved,
it is proposed that the De-Listing will take place at 07:00am on 4 November
2025.

Ordinary Share dealing Prior to De-Listing

If Shareholders wish to buy or sell Ordinary Shares on AIM they must do so
prior to the De-Listing becoming effective. As noted above, in the event that
Shareholders approve the De-Listing, it is anticipated that the last day of
dealings in the Ordinary Shares on AIM will be 3 November 2025 and that the
effective date of the De-Listing will be 07.00 a.m. on 4 November 2025.

Process for Re-registration

Following the De-Listing, the Directors believe that the requirements and
associated costs of the Company maintaining its public company status will be
difficult to justify and that the Company will benefit from the more flexible
requirements and lower costs associated with private limited company status.
It is therefore proposed to re-register the Company as a private limited
company in accordance with the Act. In connection with the Re-registration, it
is proposed that the New Articles be adopted to reflect the change in the
status of the Company to a private limited company. The principal effects of
the Re-registration and amendment to the current Articles on the rights and
obligations of Shareholders and the Company are summarised in Part IV of this
document.

A copy of the New Articles accompanies this document and can be found at
www.smarttech247.com (http://www.smarttech247.com) .

Under the Act and the current Articles, the Re-registration and the adoption
of the New Articles must be approved by Shareholders holding not less than 75
per cent. of votes cast by Shareholders at the General Meeting. Accordingly,
the Notice of General Meeting set out in this document contains a special
resolution to approve the Re-registration and adopt the New Articles.

If the Resolutions are approved at the General Meeting, an application will be
made to the Registrar of Companies for the Company to be re-registered as a
private limited company once the De-Listing has occurred. Re-registration will
take effect when the Registrar of Companies issues a certificate of
incorporation on Re-registration. The Registrar of Companies will issue the
certificate of incorporation on Re-registration when it is satisfied that no
valid application can be made to cancel Resolution 3 or such that any such
application to cancel Resolution 3 has been determined and confirmed by the
court.

If the Resolutions are passed at the General Meeting, it is anticipated that
the Re-registration will become effective by 10 November 2025.

Views of the Independent Directors

At the time of the Company's IPO, the Company entered into the Relationship
Agreement with the Founder, the Significant Shareholder and SPARK. The
Relationship Agreement functions to enable the Company to act independently of
the Significant Shareholder and in the best interests of all Shareholders, and
to ensure that all transactions and arrangements between the Company, the
Founder and/or the Significant Shareholder are carried out on an arm's length
basis. One of the key restrictions in the Relationship Agreement is that the
Significant Shareholder cannot exercise its voting rights in respect of any
resolution to cancel the Company's AIM admitted status, other than with the
consent of the Independent Directors.

The Independent Directors believe that the Proposals are in the interests of
both the Company and its Shareholders. Although the Independent Directors are
aware that some Shareholders may be concerned about a de-listing from AIM, and
the consequent reduction in immediate liquidity, it sees little prospect in
the near to medium term for the Company to achieve a valuation while listed on
AIM that reflects the Company's actual performance and future potential,
demonstrated through sustained growth of ARR and continued penetration of a
fast-growing market.  The Company has been recognised independently as one of
the leading players in the digital risk protection sector and the Independent
Directors believe that the Shareholders will be more likely to achieve a
positive outcome as a de-listed company where it is likely to command higher
valuations based on realistic ARR multiples.

As a result, the Independent Directors have agreed to consent to allowing the
Significant Shareholder to vote on Resolution 1, as they consider it to be in
the best interests of all Shareholders.

Provision of information, services and facilities following the De-Listing

The Company currently intends to continue to provide certain information,
services and facilities to Shareholders following the De-Listing. The Company
will:

·          continue to communicate information about the Company
(including annual accounts) to its Shareholders, as required by the Companies
Act;

·          continue, following the De-Listing and for the
foreseeable future, to maintain its website, www.smarttech247.com and to post
updates on the website from time to time, although Shareholders should be
aware that there will be no obligation on the Company to include all of the
information required under AIM Rule 26 and UK MAR or to update the website as
currently required by the AIM Rules; and

·          for at least six months following the De-Listing make
available to Shareholders, through JP Jenkins, the Matched Bargain Facility
(as further described below) which will allow Shareholders to buy and sell
Ordinary Shares on a matched bargain basis following the De-Listing.

Transactions in the Ordinary Shares prior to and post the proposed De-Listing

Prior to the De-Listing

Shareholders should note that they are able to continue trading in the
Ordinary Shares on AIM prior to the De-Listing.

Following the De-Listing

The Company has made arrangements for a Matched Bargain Facility to assist
Shareholders to trade in the Ordinary Shares to be put in place from the date
of the De-Listing, if the Resolutions are passed. The Matched Bargain Facility
will be provided by JP Jenkins. JP Jenkins is a liquidity venue for unlisted
or unquoted assets in companies, enabling shareholders and prospective
investors to buy and sell equity on a matched bargain basis.

Under the Matched Bargain Facility, Shareholders or persons wishing to acquire
or dispose of Ordinary Shares will be able to leave an indication with JP
Jenkins, through their stockbroker (JP Jenkins is unable to deal directly with
members of the public), of the number of Ordinary Shares that they are
prepared to buy or sell at an agreed price. In the event that JP Jenkins is
able to match that order with an opposite sell or buy instruction, it would
contact both parties and then effect the bargain (trade). Shareholdings remain
in CREST and can be traded during normal business hours via a UK regulated
stockbroker. Should the De-Listing become effective, and the Company puts in
place the Matched Bargain Facility, details will be made available to
Shareholders on the Company's website at www.smarttech247.com
(http://www.smarttech247.com/) .

Following the De-Listing, the provision of the Matched Bargain Facility will
be kept under review by the Board and, in determining whether to continue to
offer a Matched Bargain Facility, the Company shall consider expected (and
communicated) Shareholder demand for such a facility as well as the
composition of the Company's register of members and the costs to the Company
and Shareholders. Shareholders should therefore note that there can be no
certainty that the Matched Bargain Facility will continue to be in place for
an extended period of time following the De-Listing although it is the Board's
expectation that this will be in place for a minimum of six months following
the De-Listing.

There can be no guarantee as to the level of the liquidity or marketability of
the Ordinary Shares under the Matched Bargain Facility, or the level of
difficultly for Shareholders seeking to realise their investment under the
Matched Bargain Facility.

Before giving your consent to the De-Listing, you may want to take independent
professional advice from an appropriate independent financial adviser.

If Shareholders wish to buy or sell Ordinary Shares on AIM they must do so
prior to the De-Listing becoming effective. As noted above, in the event that
Shareholders approve the De-Listing, it is anticipated that the last day of
dealings in the Ordinary Shares on AIM will be 3 November 2025 and that the
effective date of the De-Listing will be 07.00 a.m. on 4 November 2025.

Current Trading

The Company published its unaudited interim results for the six month period
ended 31 January 2025 on 28 April 2025. The Half-Year Report is available to
download from the Company's website at
https://polaris.brighterir.com/public/smarttech247/news/rns/story/rn3g0jw
(https://polaris.brighterir.com/public/smarttech247/news/rns/story/rn3g0jw) .

The Company published a trading update notification, through RNS on 26
September 2025, focusing on the second half of FY2025 and an update on the
Company's current trading and outlook. That announcement is reproduced below.

"Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

26 September 2025

Smarttech247 Group PLC

 

("Smarttech247", the "Group" or the "Company")

 

Year-end trading update and proposed delisting

 

Smarttech247 (AIM: S247), a multi-award-winning provider of AI-enhanced
cybersecurity services providing automated managed detection and response for
a portfolio of international clients, announces a trading update for the year
to 31 July 2025 ("FY2025"). The Board is also announcing a proposed
cancellation of the Company's admission to trading on AIM.

 

This financial year has been another period of further strategic development
for the Group. We have secured major new customer contracts and expanded our
platform and product offerings. Notably, we have entered into new agreements
with leading companies across the automotive, hospital, pharmaceutical,
financial services, security, transport and public sectors. Furthermore, we
have become an elite partner to Splunk, enhancing our service and platform
capabilities.

Notable Wins in FY2025

The Company has secured numerous multi-year contracts during FY2025. Notable
wins and renewals include:

·      Extension of Irish hospital contract (€500k over 4 years).

·      Appointed to London airport cybersecurity framework (potential
£7m over 5 years).

·      3-year MDR contract with Irish hospital group (€210k).

·      1-year automotive renewal (€1m).

·      3-year MDR renewal & service expansion with global pharma
business ($2.87m).

·      1-year renewal with large US automotive client ($405k).

·      2-year VisionX MDR renewal with Irish financial services firm
(€343k).

·      3-year data security contract with US motion control leader
($548k).

·      3-year extension with Irish hospital (€92k).

·      2 new 3-year NoPhish email security contracts (€53k).

 

These contract wins showcase not only the Company's progress at extending its
client wins but also an excellent client retention rate within its MDR
clients, clearly demonstrating the quality of the service that we provide.

Against this background, we are therefore pleased to report that we expect
revenue for the year ended 31 July 2025 to be ahead of market guidance.

Furthermore, recurring revenue for FY2025 represents approximately 74% of
total unaudited revenues for the year compared to 61% for FY2024, which is a
key performance indicator reflecting the Group's growing strength and
resilience. This significant increase underscores our success in securing
long-term, sustainable revenue streams, and it positions us strongly for
continued expansion in the coming years.

Also, during the year, we sold our shareholding in Getvisibility, resulting in
a significant profit, and a cash inflow to the Group of €1.8 million, which
has enhanced the Group's financial position.

Margins have been slightly softer than originally anticipated, which is
expected to result in trading EBITDA and operating profit to be less than
current market guidance for the period. If the profit from the sale of the
Company's stake in Getvisibility were included, overall EBITDA would be more
in line with market guidance. The Board has initiated a programme to drive
operational efficiency through increased automation and a sharper focus on
higher-margin Managed Detection and Response services. With the continued
growth in our percentage of recurring revenue, these actions are expected to
enhance scalability and support sustained margin improvement over time.

 

 

Outlook

Our positive momentum has continued into FY2026 with a number of further
contract wins.  In particular, we have just secured a 4-year VisionX MDR
contract with a major UK transportation services company worth approximately
£715,000. The Company has also received a letter of intent for a 3-year MDR
contract with a leading European bank. Smarttech247 has also secured a 1-year
deal with a public transportation company and a 1-year deal with a major UK
airport, both for dark web monitoring services, with a combined worth of
€80,000. The Company has also won a 6-month MDR contract with a global
aviation services company (worth €180,000, with a potential 3-year extension
due in January 2026).

The sales pipeline also continues to increase compared to the previous period,
thereby building momentum and positioning us for continued success. With
several new contracts, as described above, we expect the positive impact of
these wins to be realised progressively in our recurring revenue during this
current financial year and into the next. Going forward, the Company remains
well-positioned and well-funded for growth in an exciting sector and with a
customer base that clearly values the services that the Company is able to
provide.

Proposed Delisting and Strategic Rationale

The Board has carefully considered the benefits and drawbacks of maintaining
the Company's public quotation and has concluded that the Group is
significantly undervalued on public markets, despite its year-on-year revenue
growth, technological advancement and strategic progress. The Directors
therefore believe that a delisting would be in the best interests of
shareholders and the Company as a whole.

The Board believes that a delisting should provide greater strategic
flexibility for the Group as it looks to grow in what remains a competitive
sector, reduce the costs and regulatory burdens associated with maintaining a
public quotation, and allow management to focus more resources on driving
long-term growth. Cancellation of admission to trading on AIM, requires the
approval of shareholders in a general meeting.

To support shareholder liquidity, the Company intends to establish a matched
bargain facility to enable ongoing trading of shares on a matched basis
following the delisting.

Further details of the proposed delisting and the facility will be provided in
a shareholder circular, together with the notice of general meeting, to be
published in due course.

Further announcements will be made as appropriate.

Raluca Saceanu, CEO of Smarttech247, commented:

"We are immensely proud of the progress we are making. Revenues are ahead of
expectations, our pipeline has never been stronger, and the contracts we have
secured put us in an excellent position to deliver sustainable growth. Despite
this momentum and the clear opportunities ahead, we believe the Company is
better positioned to achieve its ambitions as a private business. The
potential delisting will allow us to focus more resources on our strategy,
enhance our flexibility, and continue building long-term value for our
shareholders."

Outlook

Smarttech247 finished the second half of FY2025 and entered FY2026
capitalising on strong momentum: new wins, growing revenues, high-value
multi-year contracts, new partnerships, and award-winning recognition. With
recurring revenue growth, robust liquidity, and an expanding sales pipeline,
the company is well-positioned for sustained expansion and value creation.

Looking ahead, the Company's strategy will focus on expanding market share in
a fast-evolving and opportunity-rich cybersecurity sector. Capital will be
allocated to scale commercial and marketing functions in areas with proven
traction and high ROI, alongside accelerating innovation within the VisionX
platform. Key priorities include enhancing customer success to drive ARR
retention and upsell, scaling go-to-market operations, and expanding into
high-value sectors such as healthcare, manufacturing, and financial services.

At the same time, Smarttech247 will continue disciplined operational
execution, driving efficiency gains, reducing cash burn, and investing in
automation and vendor integrations, while strengthening the leadership team.
This balanced approach will reinforce the Company's competitive positioning,
enhance long-term profitability, and deliver sustained shareholder value.

Proposals to be voted on at the General Meeting

The Resolutions, which are summarised below, are necessary for the
implementation of the Proposals.

 

Resolution 1 (Special Resolution)

The cancellation of the admission of the Ordinary Shares to trading on AIM be
approved.

 

Resolution 2 (Special Resolution)

(a)  The adoption of the New Articles in substitution for and to the
exclusion of the existing Articles, conditional on the De-Listing becoming
effective.

(b)  The re-registration of the Company as a private limited company,
conditional on the De-Listing becoming effective.

 

Action to be taken

General Meeting

The appointment of a proxy will not preclude you from attending and voting in
person at the General Meeting or any adjournment thereof, if you so wish and
are so entitled.

If your proxy appointment has not been submitted by 11:00a.m. on 21 October
2025, your vote in relation to the Resolutions will not count.

You can vote either:

by logging on to www.sharegateway.co.uk and following the instructions.
Shareholders will need to use their personal proxy registration code as shown
on the form of proxy to facilitate this.

completing the hard copy Form of Proxy included with this Circular. The Form
of Proxy should be completed and returned in accordance with the instructions
printed thereon so as to arrive at the Company's Registrars, Neville
Registrars Limited, Neville House, Steelpark Road, Halesowen, West Midlands,
United Kingdom, B62 8HD by 11:00a.m. on 21 October 2025.

in the case of CREST members, by utilising the CREST electronic proxy
appointment service in accordance with the procedures set out in the notes to
the Notice of General Meeting.

Recommendation by the Independent Directors

The Independent Directors recommend that Shareholders vote in favour of all
Resolutions at the General Meeting as they intend to do in relation to their
respective shareholdings.

In addition, the other Directors also intend to vote in favour of all
Resolutions to be proposed at the General Meeting.

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 

 Announcement of proposed De-Listing pursuant to Rule 41                       26 September 2025
 Publication of this Document                                                  6 October 2025
 Latest time and date for receipt of Forms of Proxy in respect of the General  11.00 a.m. on 21 October 2025
 Meeting
 General Meeting                                                               11.00 a.m. on 23 October 2025
 Expected last day of dealings in Ordinary Shares on AIM                       3 November 2025
 Expected time and date of De-Listing                                          07.00a.m. 4 November 2025
 Matched Bargain Facility for Ordinary Shares expected to commence             4 November 2025
 Re-registration as a private company                                          By 10 November 2025

Unless otherwise defined herein, capitalised terms have the meanings given to
them in the Shareholder Circular and Notice of General Meeting dated 6 October
2025.

 

 Smarttech247 Group PLC                                Tel: +353 21 206 6033
 Ronan Murphy, Executive Chairman

 Raluca Saceanu, Chief Executive Officer

 Nicholas Lee, Finance Director
 SPARK Advisory Partners Limited - Nominated Adviser   Tel: + 44 (0) 20 3368 3550
 Mark Brady/Angus Campbell
 Cavendish Capital Markets Limited - Corporate Broker  Tel: +44 (0) 20 7220 0500
 Marc Milmo/Hamish Waller

 Tim Redfern/Sunila de Silva
 Yellow Jersey PR                                      Tel: +44 (0) 20 3004 9512

 Charles Goodwin/Annabelle Wills/Bessie Elliot

 

 

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