Operational Update
23/11/2022 07:00
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RNS Number : 2590H AQRU plc 23 November 2022
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
Press Release
23 November 2022
AQRU PLC
("AQRU" or "the Company")
Operational Update
AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in
decentralised finance, today announces it has conducted an operational review
designed to make it a leaner, more efficient business amid the volatile
conditions in the cryptocurrency and digital assets markets.
Further to the Company's measures to streamline its cost base announced on 29
July, which included the rationalisation of suppliers and reducing the number
of staff, AQRU has identified an additional opportunity to strengthen its
balance sheet by downsizing its employee base to 25% of its current size.
This will enable the Company to reduce its monthly overhead by 65%.
Furthermore, the Company announces that yields offered by Accru Finance Ltd,
AQRU's wholly owned subsidiary, on its cryptocurrency trading app, are being
reduced to a maximum of 3 per cent on its Maple product. Bitcoin and Ethereum
deposits will no longer accrue interest. These changes will become effective
immediately and are in line with the Company's low-risk approach. All customer
assets currently held in the AQRU platform are protected and available for
withdrawal as normal. The Company is considering all strategic options with
regard to its investment in the AQRU app.
Operating Businesses
Despite the challenging market conditions, the Company's other operating
businesses continue to perform in line with expectations. Given recent market
turmoil and the call for transparency and increased regulation across the
digital asset industry, we remain well positioned to capitalise on this shift.
The Directors of AQRU plc take responsibility for this announcement.
For further information, please contact:
AQRU
Philip Blows via Tancredi +44 207 887 7633
Chief Executive
Tennyson Securities
Corporate Broker
Peter Krens +44 207 186 9030
First Sentinel
AQSE Corporate Adviser +44 203 989 2200
Brian Stockbridge
Tancredi Intelligent Communication
Media Relations
Gabriela Amaya Garcia +44 7915 035 294
Charlie Hobbs +44 7897 557 112
AQRU@tancredigroup.com (mailto:AQRU@tancredigroup.com)
About AQRU plc:
AQRU is an incubator specialising in opportunities in decentralised finance
(DeFi), a disruptive technology using blockchain and cryptocurrencies to
remove financial intermediaries from transactions, creating a cheaper, more
efficient and more secure way of providing financial services. Listed on the
Aquis Exchange in London, we apply our expertise to the business operations
and strategic plans of FinTech companies in the UK, USA and Canada, and act as
an accelerator for start-ups and early-stage companies. www.aqruplc.com
(http://www.aqruplc.com)
Notes:
This document contains forward-looking statements which are subject to known
and unknown risks and uncertainties because they relate to future events, many
of which are beyond the Company's control. These forward-looking statements
include, without limitation, statements in relation to the Company's financial
outlook and future performance. No assurance can be given that future results
will be achieved; actual events or results may differ materially as a result
of risks and uncertainties facing the Company.
You are cautioned not to rely on these forward-looking statements, which speak
only as of the date of this announcement. The Company undertakes no obligation
to update or revise any forward-looking statement to reflect any change in its
expectations or any change in events, conditions or circumstances. Nothing in
this document is or should be relied upon as a warranty, promise or
representation, express or implied, as to the future performance of the
Company or the Group or their businesses.
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