Operational Update & Board Changes
29/08/2023 07:00
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RNS Number : 5484K AQRU plc 29 August 2023
This announcement contains information which, prior to its disclosure, was
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29 August 2023
AQRU PLC
("AQRU" or "the Company")
Operational Update & Board Changes
AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in
decentralised finance ("DeFi"), today announces it has conducted an
operational review designed to make it a leaner, more efficient business.
Further to the Company's measures to streamline its cost base conducted last
year, the Company has continued to downside its employee base and it has
additionally streamlined its investment pipeline.
Board Changes
As part of this operational review, the Board will, going forward, be
comprised of Mike Edwards as Executive Chairman, Nicholas Lyth as CFO and Mark
Rutledge as Independent Non-Executive Director. The Board would like to thank
Phil Blows, Digby Try and Dr. Philipp Kallerhoff for their considerable
efforts.
Investment Restructuring
The Company has also restructured its digital asset businesses which includes
the AQRU app, Maple Finance and other technology businesses having transferred
its interest in those businesses to Langland Software Solutions Ltd
("Langland") in exchange for a 30%-stake in that company. Langland is
controlled by Phil Blows (who is also a director) who will continue to operate
these assets and, hence, customers of these products should not experience any
disruption in their services.
Following this restructuring, the Company now only holds its investment in NFT
Investments PLC, StreaksAI PLC, London Carbon Exchange and private equity
investments made prior to its IPO, in addition to the 30%-stake in Langland
and approximately £1m in cash and crypto tokens.
The Directors of AQRU plc take responsibility for this announcement.
For further information, please contact:
AQRU
Mike Edwards Via First Sentinel
Executive Chairman +44 203 989 2222
First Sentinel
AQSE Corporate Adviser +44 7876 888 011
Brian Stockbridge
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)
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