This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under
Article 17 of MAR.
Roadside Real Estate
plc
("Roadside" or the "Company")
Update on partial sale of
Cambridge Sleep Sciences shareholding to CGV
Roadside (AIM: ROAD) is pleased to
announce an update to its 1 October 2024 announcement relating to
the partial stake sale of its investment in Cambridge Sleep
Sciences ("CSS") to CGV Ventures 1 Ltd. ("CGV") (the
"Transaction").
The Transaction provided for a £1.5
million contingent consideration to be paid to Roadside upon CSS
receiving dispatch notices for, in aggregate, 25,000 smart pillows
for dispatch on or before 11.59 pm on 31 March 2025.
The Company is pleased to confirm
that CSS has satisfied the terms of the contingent consideration,
with orders and commitments of more than 25,000 units across
multiple channels. Consequently, the Company expects CGV to pay the
additional £1.5 million in the first half of Q2 2025.
As a result of the contingent
consideration being paid, the book value of the Company's holding
in CSS has increased from £41.0 million to £47.8 million. Upon
receipt, the funds will be used to repay part of the Company's
borrowings.
CSS
business update
Following the launch of the Mammoth
Smart Pillow in October 2024, CSS is now negotiating with a number
of potential full licensees for its smart pillow and smart mattress
technology across Europe, North America and the Middle East, having
progressed through an evaluation license stage. Management
anticipates orders in excess of 75,000 units arising from these
licensees. In addition, the company's Smart Mattress technology is
expected to launch later this year.
Charles Dickson, Executive Chairman, said:
"I'm delighted that the team at CSS
has continued to successfully grow its licensee base, securing
commitments and sales comfortably beyond targets.
"We have long believed in the
efficacy of CSS's technology and were pleased to have this
confirmed by a recent clinical trial which found that
SleepEngineTM technology is proven to improve the
quality of users' sleep.
"The results of the trial will help
CSS to increase its business development momentum, giving us
optimism in the company's near-term growth prospects."
- Ends -
For
more information
|
Roadside Real Estate plc
Charles Dickson, Executive
Chairman
c/o Montfort
|
|
|
Cavendish Capital Markets Limited (Nomad and Joint Corporate
Broker)
Carl Holmes / Seamus Fricker
(Corporate Finance)
Tim Redfern / Jamie Anderson
(ECM)
|
+44 (0)20 7220 0500
|
|
Stifel Nicolaus Europe Limited (Financial Adviser and Joint
Corporate Broker)
Mark Young
Jonathan Wilkes-Green
Catriona Neville
|
+44 (0)20 7710 7600
|
|
Montfort
Olly Scott
Bella Leathley
|
+44 (0)78 1234 5205
+44 (0)74 7168
7266
|
About Roadside
Roadside is a real estate business
focused on building and scaling a high-quality portfolio of modern
roadside retail assets, including modern EV charging
infrastructure.
About Cambridge Sleep Sciences Ltd
Cambridge Sleep Sciences Ltd, is a
legacy Life Sciences investment in which Roadside Real Estate plc
holds a 47.8% interest. CSS develops technology which improves
natural sleep. Using the principles of neuroscience and
cutting-edge technology to enhance brain activity during sleep, its
innovative solutions aim to improve health, wellbeing and enhance
quality of life.
Its SleepEngine® technology has
been developed and refined over a decade by a team of researchers,
scientists, sound engineers and medical experts. This unique
technology produces sounds which emulate the waves created by the
brain during sleep cycles. The sleep sounds guide the user's brain
through the sequence of healthy sleep cycles, helping them fall
asleep and achieve the quality of sleep they need in a consistent
and optimal way.
Find out more
at: www.cambridgesleepsciences.com
