RE: *PLACING IMMINENT *7 Feb 2025 00:25
Change of Name
Given the new strategic focus, the Company intends to change its name to capAI Plc.
Business Update
Whilst the last couple of years have been extremely challenging across public capital markets globally, the Company is delighted to report that it has now completed the financial, commercial, regulatory and personnel restructuring of the Company, creating the platform for today's launch of capAI Plc
As a result of these restructuring efforts since the Board changes last October, the Company is now very "clean" and in a strong position to implement its new strategic re-focus and to take full advantage of improvements in market conditions.
The Company has a cash runway for the foreseeable future to meet current day-to-day running costs. Hence, stakeholders can be assured that the Board will only look to raise additional capital as and when appropriate, and only to directly further the Company's ambitious plans in regards to its AI strategy.
Board Changes
In order to provide the Company with the necessary generic financial and strategic experience and expertise to move forward with its exciting new strategic focus, the Company announces that Sarah Davy and Marcus Yeoman have been appointed to the board as Non-executive Directors, with immediate effect.
Sarah Davy, is a highly experienced accounting and tax professional with a strong background in strategy and significant experience in dealing with complex, high-value and international transactions. She is a Trust and Estate Practitioner and also a Taxation Technician. Sarah works alongside Richard Edwards as a Partner at a boutique firm of Chartered Accountants.
No information is required to be disclosed by Sarah Davy, pursuant to paragraph 6.4.8R of the Listing Rules.
Marcus Yeoman is Chairman of Medcaw Investments PLC and was senior Non-executive Director of reach4entertainment plc and a number of other quoted companies over the last 20 years. He is also a Non-executive Director of a number of private companies which have engaged him principally to assist them with their growth strategies. His early career started with the formation of three companies in IT infrastructure and distribution, after which he moved into small company broking and corporate work with Rathbone Stockbrokers Limited and Cheviot Capital (Nominees) Limited. In 2003, Marcus established Springtime Consultants Ltd to act as a consultant to a number of listed companies and SME ventures with ambitious business plans in a variety of high growth sectors.
In addition to his appointment to the board, Marcus Yeoman holds (or has held) the following directorships in publicly listed companies in the past five years: