29 Aug 2023 07:00
RNS Number : 5451K
Pelatro PLC
29 August 2023
(“Pelatro” or the “Company”)
Proposed Cancellation and Directorate change
Pelatro announces that the Board has resolved, after careful consideration, to seek cancellation of trading of the Company’s ordinary shares on AIM (the “Cancellation”) as the Board considers that being listed is no longer in the best interest of the Company. In reaching this conclusion, the Board has considered the following key factors (amongst others):
· the considerable cost, management time and the legal and regulatory burden associated with maintaining the Company’s admission to trading on AIM which, in the Directors’ opinion, are disproportionate to the benefits to the Company; and
· the continued admission to trading on AIM no longer sufficiently provides the Company with the advantages of providing access to capital.
The Directors are aware that, should the proposed Cancellation be approved by Shareholders at a General Meeting and become effective, it would make it more difficult to buy and sell ordinary shares in the Company following Cancellation. Therefore, should the proposed Cancellation be approved, the Company intends to implement a Matched Bargain Facility to assist Shareholders with conducting transactions in the Company’s ordinary shares.
A further announcement will be made in due course with full details of the background to and reasons for the proposed Cancellation as well as the principal effect of the proposed Cancellation. A circular will also be posted to shareholders with detailed information of the proposed Cancellation, setting out the requisite notice periods and timetable per AIM Rule 41.
In addition, Nic Hellyer, Chief Financial Officer, has resigned from the Company’s Board in order to pursue other business interests. Nic will remain with the Company for a period of time to assist with the proposed Cancellation and the Company’s financial and other statutory reporting requirements, with his resignation from the Company’s Board taking immediate effect. The Group finance function, based in Bangalore, remains unaffected.
Harry Berry, Chairman of Pelatro, commented:
“Nic has been with Pelatro since before our IPO in December 2017 and has made a significant contribution to the growth of the company since then. We wish him well for his future endeavours.”
For further information contact:
| Pelatro Plc | |
| Subash Menon, Managing Director | c/o finnCap |
| finnCap Limited (Nominated Adviser and Broker) | +44 (0)20 7220 0500 |
| Carl Holmes/Milesh Hindocha (Corporate Finance) | |
This announcement is released by Pelatro Plc and, prior to publication, the information contained herein was deemed to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014. Such information is disclosed in accordance with the Company’s obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Pelatro Plc was Nic Hellyer, CFO.
Notes to editors
The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.
Pelatro provides its “mViva” platform for use by customers in B2C and B2B applications and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.
For more information about Pelatro, visit www.pelatro.com
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