Crossword Cybersecurity PLC Result of General Meeting (3865W)
December 10 2019 - 11:04AM
UK Regulatory
TIDMCCS
RNS Number : 3865W
Crossword Cybersecurity PLC
10 December 2019
Crossword Cybersecurity Plc
Result of General Meeting
10 December 2019 - London, UK - Further to its announcement of
21 November 2019, Crossword Cybersecurity Plc (AIM:CCS,
"Crossword", the "Company" or the "Group"), the technology
commercialisation company focused solely on cyber security and
risk, announces that, at its GM held today, the special resolution
put to the meeting was passed unanimously. As a result, the
borrowing limits in the articles have been raised to the greater of
GBP1.5m and 20% of the Adjusted Capital and Reserves (as defined by
the Company's articles of association).
Crossword will now conclude the loan agreements of GBP1.275m as
announced on 21 November 2019, for which it now has binding
commitments. The terms of the loans are as follows:
Term Three years from the date of the loan agreement
Interest rate 12 per cent., payable quarterly in arrears
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Early repayment At the Company's sole option, subject to a minimum
repayment amount of GBP10,000
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Form of repayment In cash, save that each lender may opt to convert
part or all of their loan into Crossword ordinary
shares of GBP0.05 each ("Ordinary Shares") at a
price of 480 pence per Ordinary Share ("Conversion
Price"), being the closing mid-price on 9 December
2019, being the last practicable date before the
date of the loan agreements
------------------------------------------------------
Warrants On repayment of the loans in cash, each lender
will be issued warrants valid for three months
to subscribe for Ordinary Shares representing 10
per cent. of the value of the Loan at the Conversion
Price
------------------------------------------------------
The proceeds of the loans will be used for near to mid-term
working capital requirements and to fund the Group's growth plans
including continued sales of products and further product
development.
The information contained 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.
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 20 3953 8460
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383
5100
Colin Aaronson / Jamie Barklem / Niall McDonald
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and
commercialisation of university research-based cyber security and
risk management related software and cyber security consulting. The
Group's specialist cyber security product development and software
engineering teams work with its university partners to develop the
research concept into a fully-fledged commercial product that it
will then take to market. The Group's aim is to build up a
portfolio of revenue generating, intellectual property based, cyber
security products. Rizikon Assurance, Crossword's leading product,
is a SaaS platform that enables medium to large companies to assess
and manage all risks from their suppliers. Nixer CyberML,
Crossword's most recently launched product, is a new tool for
businesses that want to solve advanced security and cybercrime
problems, such as detecting and dealing with compromised accounts,
fraud and in-application denial of service attacks. Crossword's
team of expert cyber security consultants leverages years of
experience in national security, defence and commercial cyber
intelligence and operations to provide bespoke advice tailored to
its clients' business needs.
For media enquiries contact:
Lorena Duke, GingerPR
lorena@gingerpr.co.uk, 01932 485 300
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END
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