Last checked at 30 Dec 2021 09:47
KRM22 plc
("KRM22", the "Group" or the "Company")
Completion of Subscription, Executive Changes and Total Voting Rights
KRM22 plc, (AIM: KRM) the technology and software investment company that focuses on risk management for capital markets, is pleased to announce the completion of the subscription for 8,916,584 new Ordinary Shares at a price of 53 pence per share to raise approximately £4.7m for 25 per cent. of the enlarged share capital of the Company by Trading Technologies International, Inc. ("TT") a wholly-owned subsidiary of 7RIDGE Investments 3 LLP ("7RIDGE").
Further to the announcement of 1 November 2021, the Company has also entered into a distribution agreement (the "Agreement") with TT to market and distribute KRM22 risk management products to their customers.
As a result of completion of the Subscription, and as described in the announcement of 1 November 2021, Keith Todd will relinquish his role as CEO of KRM22 while remaining Executive Chairman of the Company and Stephen Casner, President of KRM22, now succeeds Keith Todd as CEO of the Company. Keith Todd has been appointed CEO of TT.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the 8,916,584 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and trading will commence at 8.00 am on 31 December 2021.
After Admission, the total number of Ordinary Shares in issue will be 35,666,336 and the total number of voting rights will therefore be 35,666,336. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Keith Todd CBE, Executive Chairman at KRM22 commented: "The completion of the share subscription and distribution agreement will provide KRM22 with a springboard for growth in 2022. I'm very excited to announce Stephen Casner as CEO. We have been working together on KRM22 since 2018 and have a common and aligned view of the Company's strategy and operational approach."
Capitalised terms not otherwise defined in this announcement shall have the same meaning ascribed to such terms in the Company's announcement on 1 November 2021 regarding the Subscription, unless the context requires otherwise.
For further information please contact:
KRM22 plc InvestorRelations@krm22.com
Keith Todd CBE, Executive Chairman
Stephen Casner, CEO
Kim Suter, CFO
finnCap Ltd (Nominated Adviser and Sole Broker) +44 (0)20 7220 0500
Carl Holmes / Kate Bannatyne
Alice Lane / Sunila de Silva (ECM)
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
About KRM22 plc
KRM22 is a closed-ended investment company which listed on AIM on 30 April 2018. The Company has been established with the objective of creating value for its investors through the investment in, and subsequent growth and development of, target companies in the technology and software sector, with a focus on risk management in capital markets.
Through its investments and the Global Risk Platform, KRM22 helps capital market companies reduce the cost and complexity of risk management. The Global Risk Platform provides applications to help address firms' market, compliance, operations and technology risk challenges and to manage their entire enterprise risk profile.
Capital markets companies' partner with KRM22 to optimise risk management systems and processes, improving profitability and expanding opportunities to increase portfolio returns by leveraging risk as alpha.
KRM22 plc is listed on AIM and the Group is headquartered in London, with offices in several of the world's major financial centres.
See more about KRM22 at www.krm22.com.
About 7RIDGE
7RIDGE is an asset manager invested in transformative technology with a focus on B2B companies within the financial services sector. 7RIDGE has deep domain knowledge and strong networks, as well as a proven operating and investment track record which distinguish the team and empower its strategy.
About Trading Technologies
Trading Technologies (www.tradingtechnologies.com, @Trading_Tech) creates professional trading software, infrastructure and data solutions for a wide variety of users, including proprietary traders, brokers, money managers, CTAs, hedge funds, commercial hedgers and risk managers. In addition to providing access to the world's major international exchanges and liquidity venues via its TT® trading platform, TT offers domain-specific technology for cryptocurrency trading and machine-learning tools for trade surveillance.