17
June 2024
Golden Rock Global
plc
(the "Company" or
"GCG")
Update on proposed
acquisition of 2mee Limited
Further to the announcement of 17
August 2023, the Board of GCG is pleased to announce an update of
progress in respect of its proposed acquisition of 2Mee Limited
("2Mee") (the "Proposed Acquisition"), which will be classified as
a Reverse Take Over ("RTO") under the Listing Rules and
accordingly, GCG will apply for the re-admission of its shares to
the Official List and the Main Market of the London Stock
Exchange.
Update on commercial progress
by 2Mee
The Board of GCG is pleased to
report continued commercial progress within 2mee, both in terms of
customer engagement and the recruitment of personnel that have
appropriate experience to ensure that 2Mee can take commercial
advantage of its patented proprietary software.
Specifically:
·
2Mee has bolstered its management team through the
addition of a new CRO who has extensive experience, having worked
for Wowcher, Living Social and TrustPilot. In addition, 2Mee
has employed a new CTO to the business who is extremely experienced
in SaaS system architectures having previously designed, developed
and deployed platforms for large organisations such as
webuyanycar.com and Betfred.
·
The HoloMessage® product is exceeding management
expectations as a market disruptor. A recent campaign for a tier
one gaming company delivered a 340% increase in engagement over its
traditional methods.
·
As part of 2Mee's drive into new verticals it has
recently signed a contract with SportsPro Limited, which is the
licensee holder for global sports giant Hummel for the UK, ROI
Ireland, Australia and NZ. It is the intention that 2Mee's
HoloMessage® product will be deployed across Hummel's ecommerce
sites within these territories.
Progress on the Proposed
Transaction
Significant progress has been made
in completing the public and supporting documents required,
pursuant to the Proposed Acquisition. The Company continues
to work with its advisers to complete the preparation of these
documents and hopes to be in position to announce the RTO, and for
trading in its shares to be restored, over the coming
months.
The consideration payable by GCG to
the shareholders of 2Mee will be less that previously indicated and
the Board of GCG currently expects that the implied pre-money
valuation for the enlarged group, being GCG as enlarged by the
Proposed Acquisition, will be in the range of £3.8 million to £4.2
million.
There can be no certainty that the
Proposed Acquisition will take place and it
remains subject to, amongst other things completion of a fund
raising.
Appointment of Joint
Broker
The Company confirms the appointment
of Oberon Capital, a trading name of Oberon Investments Limited, as
its Joint Broker, with immediate effect.
A further announcement will be
made in due course.
Enquiries
|
Golden Rock Global plc
Ross Andrews, Chairman
|
Email:
ross.andrews@rmaconsultancy.co.uk
|
|
Oberon Capital - Joint Broker
Nick Lovering, Adam
Pollock
|
020 3179
5300
|
|
Clear Capital Limited- Joint Broker
Bob Roberts
|
0203
8696080
|
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018.
The information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
