TIDMCCS
RNS Number : 7889W
Crossword Cybersecurity PLC
19 April 2023
Crossword Cybersecurity Plc
Issue of Convertible Loan Notes
19 April 2023 - London, UK - Crossword Cybersecurity Plc
(AIM:CCS, "Crossword", the "Company" or the "Group"), the
technology commercialisation company focused on cyber security and
risk, is pleased to confirm the completion of GBP375,000 additional
convertible loan notes.
As announced earlier today, on 13 July 2022, the Company
announced that Tom Ilube, CEO of Crossword, intended to extend his
GBP250,000 loan notes on the same terms as other loan note holders;
these loan notes expired in December 2022. Tom Ilube had been
unable to extend his convertible loan notes due to being in
possession of inside information relating to a potentially
transformational acquisition, which terminated earlier this year
because the vendor made other choices for their business and was
unable to do so subsequently due to the Company being in a closed
period. Following announcement of the Company's results for 2022
earlier today, Tom Ilube is now in a position to subscribe for loan
notes of GBP250,000. These are on the same terms as other loan
notes issued or extended in 2022, except that the conversion price
is not subject to a 10 per cent. discount on the share price
immediately prior to the date of issue. Accordingly, the conversion
price of the GBP375,000 additional convertible loan notes is 8.25p,
being the share price immediately prior to the date of issue. The
loans have an expiry date of 19 April 2026.
An additional GBP125,000 of loan notes have been issued on the
same terms, including GBP100,000 to Dr. Robert Coles, Non-Executive
Director of Crossword Cybersecurity Plc. The value of convertible
loan notes is now GBP1,875,000, with expiry dates between June 2025
and April 2026. The proceeds of the new loans will be used to
provide additional working capital and to help fund the Group's
growth plans including continued sales of products and further
product development.
Mr Ilube's and Dr Coles's loans constitute related party
transactions under Rule 13 of the AIM Rules for Companies. The
Independent Directors, being the Directors other than Tom Ilube and
Robert Coles consider, having consulted with the Company's
nominated adviser, that the terms of Mr Ilube's loan and Dr Coles's
loan are fair and reasonable insofar as the Company's Shareholders
are concerned.
Tom Ilube, CEO of Crossword Cybersecurity plc, commented:
"On the back of strong results in 2022 reported this morning,
including revenue increase of 68% and 81% growth in ARR, I am
pleased to be in a position to reinstate my loan note with
Crossword and to have the support of others including Dr. Robert
Coles. The proceeds of these loans will fund Crossword as we target
GBP6m revenue in 2023 and establish our path to profitability.
"
- Ends -
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383
5100
Colin Aaronson / Jamie Barklem / Ciara Donnelly
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Financial PR:
David Hothersall, Kinlan Communications
davidh@kinlan.net - Tel: +44 (0) 207 638 3435
General:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300
About Crossword Cybersecurity plc
Crossword offers a range of cyber security solutions to help
companies understand and reduce cyber security risk. We do this
through a combination of people and technology, in the form of SaaS
and software products, consulting, and managed services.
Crossword's areas of emphasis are cyber security strategy and risk,
supply chain cyber, threat detection and response, and digital
identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four
areas. We work closely with UK universities and our products and
services are often powered by academic research-driven insights. In
the area of cybersecurity strategy and risk our consulting services
include cyber maturity assessments, industry certifications, and
virtual chief information security officer (vCISO) managed
services.
Crossword's end-to-end supply chain cyber standard operating
model (SCC SOM) is supported by our best-selling SaaS platform,
Rizikon Assurance, along with cost-effective cyber audits, security
testing services and complete managed services for supply chain
cyber risk management. Threat detection and response services
include our Nightingale AI-based network monitoring, our Trillion
and Arc breached credentials tracking platforms, and incident
response. Crossword's work in digital identity is based on the
World Wide Web Consortium W3C verifiable credentials standard and
our current solution, Identiproof, enables secure digital
verification of individuals to prevent fraud.
Crossword serves medium and large clients including FTSE 100,
FTSE 250 and S&P listed companies in various sectors, such as
defence, insurance, investment and retail banks, private equity,
education, technology and manufacturing and has offices in the UK,
Poland and Oman. Crossword is traded on the AIM market of the
London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/
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END
MSCILMBTMTMBBLJ
(END) Dow Jones Newswires
April 19, 2023 07:10 ET (11:10 GMT)
Crossword Cybersecurity (LSE:CCS)
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부터 1월(1) 2025 으로 2월(2) 2025
Crossword Cybersecurity (LSE:CCS)
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부터 2월(2) 2024 으로 2월(2) 2025
