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Pin to quick picksBidstack Group Regulatory News (BIDS)

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Update re Press Commentary

28 Oct 2022 07:00

RNS Number : 4301E
Bidstack Group PLC
28 October 2022
 

28 October 2022

Bidstack Group Plc

("Bidstack" or the "Company" or the "Group")

Update re Press Commentary

Further to the Company's strategy update to the market on 26 October 2022, the Board notes recent press commentary regarding a private communication by the Company with certain investors concerning an email received from Azerion, which the Directors have been advised did not require disclosure under either the AIM Rules or MAR. In order to ensure that all shareholders have parity of information the Company wishes to give this update.

After the announcement on 5 October 2022 of the Group's Fundraise, Bidstack received an email from Azerion requesting certain information and reserving its rights under the Azerion agreement.

Given the nature of the Group's strong ongoing commercial relationship with Azerion and the extensive work taking place on the ground to ensure the success of the partnership by both Azerion and Bidstack, the Directors were surprised to receive this email.  At a commercial level, the Group's arrangements with Azerion continue to be operated on a 'business as usual' basis by both parties, with October already the highest grossing month to date and with November and December anticipated to grow further month on month. Bidstack has responded with detailed information demonstrating the Group's compliance with all areas identified. Bidstack has taken appropriate external legal advice and has concluded that Azerion has no present entitlement to end its agreement with the Group.

As referred to in the Company's announcement on 26 October 2022, following early evidence of its success in selling directly into North America and Japan, Bidstack intends to undertake a comprehensive business review, specifically reassessing and renegotiating, where appropriate, both existing and new reseller engagements in all geographies in order to maximise the benefits of its contacts with developers, publishers, ad-tech vendors and media companies.

Bidstack notes that Azerion is primarily a European-based group, with its sales-reach strongest in these territories. As announced on 20 September and 13 and 26 October, Bidstack has now invested in an experienced sales team with a proven track record in North America, which has a robust pipeline for FY23.

Bidstack's newly appointed Group Chief Revenue Officer is in active discussions on a number of significant global revenue opportunities, including additional resellers, licensors and media agreements, with anticipated contracts in FY23.

The Company would like to stress that, contrary to the press commentary, there is no litigation with Azerion, and the contract with Azerion continues to operate as expected.

The Directors also confirm that there are no discussions with Azerion regarding any offer for the Company.

The Board believes that the Company is trading in line with market expectations for the years ended 31 December 2022 and 2023.

-ENDS-

Contacts

Bidstack Group Plc

James Draper, CEO

 

via Buchanan

SPARK Advisory Partners Limited (Nomad)

Mark Brady / Neil Baldwin / James Keeshan

 

+44 (0) 203 368 3550

Stifel Nicolaus Europe Limited (Broker)

Fred Walsh / Tom Marsh

 

+44 (0) 20 7710 7600

Buchanan Communications Limited

Chris Lane / Stephanie Whitmore / Kim van Beeck

bidstack@buchanan.uk.com

 

+44 (0) 20 7466 5000

 

 

 

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UPDFIFEIILLTFIF
Date   Source Headline
22nd Mar 20241:11 pmRNSAppointment of Administrators & Nomad Resignation
11th Mar 20247:30 amRNSSuspension - Bidstack Group PLC
11th Mar 20247:00 amRNSIntention to Appoint Administrators & Suspension
5th Feb 20247:00 amRNSUpdate on CLN, Financial Update & Strategic Review
22nd Dec 20237:00 amRNSSettlement & new commercial partnership - Azerion
1st Nov 20237:00 amRNSChange of Registered Office
18th Oct 20233:45 pmRNSProposed CLN, Share Reorganisation and VST Update
29th Sep 20237:00 amRNSBoard Change
29th Sep 20237:00 amRNSProposed New Commercial Partnership
29th Sep 20237:00 amRNSInterim Results
30th Aug 20237:00 amRNSVenatus Advertising Sales Partnership
23rd Aug 20234:47 pmRNSTR-1: Notification of Major Holdings
21st Jul 202311:23 amRNS2023 Annual General Meeting Results
18th Jul 202311:46 amRNSGeneral Meeting Requisition Request withdrawn
18th Jul 20237:00 amRNSBoard Changes
13th Jul 20231:32 pmRNSVirtual stadium partnership with first NFL team
11th Jul 20237:00 amRNSRequisitioned General Meeting
5th Jul 20237:00 amRNSRequest to requisition a General Meeting
21st Jun 20237:00 amRNSAnnual Report & Accounts and Notice of AGM
20th Jun 20238:18 amRNSFinal Results and Annual Report - replacement
20th Jun 20237:00 amRNSAnnual Report & Accounts and Notice of AGM
1st Mar 20235:28 pmRNSComment on Azerion Statement
15th Feb 20237:00 amRNSBidstack appoints Thomas Bullen as CFO
13th Feb 20232:05 pmRNSSecond Price Monitoring Extn
13th Feb 20232:00 pmRNSPrice Monitoring Extension
13th Feb 20237:00 amRNSTrading and Operational Update
18th Jan 202311:22 amRNSChange of Registered Office
3rd Jan 202311:05 amRNSSecond Price Monitoring Extn
3rd Jan 202311:00 amRNSPrice Monitoring Extension
3rd Jan 20237:00 amRNSAzerion Update
29th Dec 20227:00 amRNSBoard Changes
9th Dec 202211:04 amRNSGrant of LTIP Options
8th Dec 20227:00 amRNSExercise of Options, Issue of Equity & TVR
6th Dec 202211:03 amRNSTR-1: Notification of major holdings
5th Dec 20227:00 amRNSBidstack adds 2 titles with a AAA game publisher
1st Nov 20223:39 pmRNSTR-1: Notification of major holdings
31st Oct 20223:35 pmRNSTotal Voting Rights
31st Oct 20223:21 pmRNSTR-1: Notification of major holdings
31st Oct 20222:16 pmRNSTR-1: Notification of major holdings
31st Oct 202211:54 amRNSTR-1: Notification of major holdings
28th Oct 20224:16 pmRNSTR-1: Notification of Major Holdings
28th Oct 20227:00 amRNSUpdate re Press Commentary
26th Oct 20223:45 pmRNSAdmission of Ordinary Shares and TVR
26th Oct 20227:00 amRNSStrategy Update
25th Oct 202212:08 pmRNSResults of General Meeting
13th Oct 20227:00 amRNSBidstack appoints Camila Franklin as COO
6th Oct 20226:28 pmRNSResults of REX Retail Offer
6th Oct 20228:06 amRNSResults of Placing and Subscription
5th Oct 20224:36 pmRNSREX Retail Offer
5th Oct 20224:35 pmRNS£10m Placing/Subscription ABB & Rex Retail Offer

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