31 Jan 2020 07:00
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
31 January 2020
Ultimate Sports Group PLC
("USG" or the "Group")
Strategy Update, Proposed Name Change &
Notice of General Meeting
Ultimate Sports Group PLC, the AIM listed investment vehicle, is pleased to provide an update on its strategy and to announce its intention to change its name to Catena Group PLC.
Since Matthew Farnum-Schneider's appointment as Chief Executive, the Group has been assessing a number of investment opportunities in high growth markets. The Group is today announcing that it is in advanced discussions in relation to a potential investment into an artificial intelligence company which provides machine learning solutions to asset managers and other financial services companies. These discussions are currently on a non-binding basis and there is no guarantee they will result in a transaction. The Group will provide further updates as and when appropriate.
To reflect the new strategic focus, the Group is proposing to change its name to Catena Group PLC. This change will require shareholder approval and accordingly, a Notice of a General Meeting to be held at 10.00am on 17 February 2020 at the Group's offices at Moor Place - WeWork, 1 Fore Street, London EC2Y 9DT has today been sent to shareholders. The Notice of General Meeting will also be available on the Group's existing website at: www.ultimatesportsgroup.me. Upon shareholder approval, the Group's TIDM code will change to CTNA and the Group's website will change to: www.catenagroup.co.uk. The Group's ISIN number (GB00BYV31355) will remain unchanged. Further details on the timing of these changes will be provided shortly after the General Meeting.
The proposed change of company name will not affect the rights of shareholders and all existing share certificates should be retained as they will remain valid; no new share certificates will be issued.
The Group is also pleased to report that based on un-audited figures, its subsidiary, Sports in Schools Limited, has continued its strong performance in the second half of 2019.
Matthew Farnum-Schneider, Chief Executive of Ultimate Sports Group PLC, commented: "Artificial intelligence will completely transform industries across the board. Financial services will be an extraordinary beneficiary of this shift: With more than $1 billion in cost savings expected as portfolio analysis, valuation, risk management, and other key capabilities of the sector are enhanced by AI. With such benefits it is clear why global artificial intelligence spend is projected to reach $78 billion in 2022, growing at an annual rate of 37%.
We are pleased with progress to date regarding expanding into this high growth and exciting field, and I look forward to updating shareholders in due course."
* ENDS *
This announcement has been released by Matthew Farnum-Schneider, Chief Executive, on behalf of the Group.
For further information, please visit www.ultimatesportsgroup.me or contact:
Ultimate Sports Group PLC Matthew Farnum-Schneider
| +44 (0)20 3743 2543 |
St Brides (Financial PR) Catherine Leftley/Beth Melluish
| +44 (0)20 7236 1177 |
Cantor Fitzgerald Europe (Nomad and Broker) David Foreman/Michael Boot
| +44 (0)20 7894 7000 |