Valereum PLC GSX Acquisition Update and Director Resignation (1446R)
October 24 2023 - 9:22AM
UK Regulatory
TIDMVLRM
RNS Number : 1446R
Valereum PLC
24 October 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR")
24 October 2023
Valereum Plc
("Valereum" or the "Company")
Update on the acquisition of the Gibraltar Stock Exchange
("GSX")
Resignation of Director
Valereum Plc, the Gibraltar technology group, is pleased to
provide an update on the GSX transaction and other matters.
GSX Acquisition Update
As announced on 3 October 2023, with its interim results, the
Company has been in negotiation with the Gibraltar Financial
Services Commission ("GFSC") to extend the deadline for completion
of the acquisition of the Gibraltar Stock Exchange beyond 28
September 2023. Valereum remains committed to delivering
shareholder value but unfortunately, an extension has not been
granted at this time by the GFSC.
Funding Update
On 31 August 2023, the Company announced that it had secured
committed funding from a United States fund in the amount of GBP5-8
million, to be released in two tranches. The company has been
notified that this funding is no longer available.
Resignation of Director
As a result of the GSX deal issues, Patrick Young has resigned
as a director of the Company as Valereum has no requirement for an
exchange expert at this point.
Valereum holds a fixed charge over shares totalling 50% of the
GSX and will continue to have discussions with all relevant parties
to find an amicable way forward. The GSX Group are still keen for
Valereum to conclude the acquisition and further announcements will
be made in due course.
The Directors of the Company accept responsibility for the
contents of this announcement.
END
Enquiries:
Valereum Plc
Richard Poulden, Chairman
Tel: +971 4584 6284
AQSE Corporate Adviser
First Sentinel Corporate Finance
Brian Stockbridge
Tel: +44 (0) 7858888007
Investor Relations
Soho Communications Ltd
George Hudson
Tel: +44 (0)7803 603130
george@j-hcommunications.com
For more information, please visit the Company's website at
valereum.gi
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END
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