Awful RNS22 Sep 2022 08:17
Smarttech247 - update
As previously announced, Conduity Capital has been actively progressing a reverse takeover ("RTO") of Smarttech247, a global managed detection and response company with a leading market position in security operations.
Following the outcome of initial marketing, Smarttech247 has now decided that it would be preferable for them to seek a quotation by way of a direct IPO rather than by way of an RTO with Conduity and so will be seeking a listing on AIM in Q4 2022.
The Board of Conduity continues to believe that Smarttech247 represents an attractive investment opportunity and therefore Conduity is in the process of agreeing a refund of all costs that it has incurred to date in connection with the RTO, which would then be used to subscribe for new shares in Smarttech247 on the IPO. This should therefore still provide Conduity and its shareholders with a material investment in Smarttech247, whilst providing a full recovery of costs incurred by Conduity as part of the RTO process.
Going forward, Conduity will be working on various options with its advisers in order to create value and liquidity for its shareholders.
A further update will be provided in due course.