Operational update
16/01/2023 07:00
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RNS Number : 7947M AQRU plc 16 January 2023
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
16 January 2023
AQRU PLC
("AQRU" or "the Company")
Operational update
AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in
decentralised finance (DeFi), announces that it has carried out a further
operational review aimed at identifying opportunities to streamline its
business and improve its resilience amid continued volatile conditions in the
cryptocurrency and digital assets markets.
Further to its operational review announced on 23 November 2022, which reduced
overhead costs, AQRU has identified further opportunities to improve
efficiency. AQRU's wholly owned subsidiary, Accru Finance Ltd. ("Accru
Finance"), is raising the threshold for minimum account deposits on its AQRU
app to US$250,000 from 1 February. This will enable the Company to focus on
servicing customers that are less sensitive to market volatility than retail
investors, particularly high net worth individuals and institutional
investors. Customer accounts below the threshold will be offboarded and have
their account balances refunded in full by the Company. The Company expects
there will be a significant reduction in the value of assets held on the AQRU
app, but a minor reduction in revenue.
AQRU has identified an additional opportunity to further lower headcount and
operational costs and strengthen its balance sheet by discontinuing Accru
Finance's index strategies for cryptocurrencies. The change will take effect
on or about 1 February and is in line with Accru Finance's increased focus on
offering services to high-net-worth individuals and institutional investors.
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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