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Catenae Innovation PLC announced on 17 May 2022 that it received a claim for £49,875 plus specific performance from minority shareholders of its subsidiary, Hyperneph Software Limited, regarding an acquisition agreement from 4 May 2021. The Company intends to submit a counterclaim, stating it does not believe there is merit to the claim. Separately, Catenae Innovation PLC's shares were temporarily suspended from AIM trading on 1 April 2022 at 07:30 due to an uncompleted audit for its 30 September 2021 financial statements, and it reports approximately £328,000 in cash resources.
| Date | 17 May 2022 |
| Time | 07:00:07 |
| Category | Miscellaneous |
| ID | 6819L |
Catenae Innovation PLC
("Catenae" or the "Company")
Further re:- Hyperneph Software Limited
The Company announces that it has received a claim from certain minority shareholders in its subsidiary undertaking - Hyperneph Software Limited in relation to the acquisition agreement announced on 4 May 2021. The claim is for a specified sum of £49,875 along with specific performance of various clauses under the acquisition agreement. The Company, based on its legal advice does not believe there is any merit to the claim and intends to submit a counterclaim.
The Company's shares were temporarily suspended from trading on AIM pursuant to AIM Rule 41 with effect from 07:30 on 1 April 2022 as it was not in a position to complete the audit of its financial statements to 30 September 2021. A company's shares can remain suspended up to 6 months from the date of suspension, following which its shares would be cancelled from trading on AIM.
The Company currently has cash resources of approximately £328,000.
- Ends -
The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Chief Executive Officer of the Company and the Directors of the Company are responsible for the release of this announcement.
For further information please contact:
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Catenae Innovation PLC |
+44 (0)191 580 8545 |
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Guy Meyer, Chief Executive Officer |
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Cairn Financial Advisers LLP (Nominated Adviser) |
+44 (0)20 7213 0880 |
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Liam Murray / Jo Turner |
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Shard Capital Partners LLP (Broker) |
+44 (0)20 7186 9952 |
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Damon Heath |
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Yellow Jersey PR (PR & IR) |
+44 (0)20 3004 9512 |
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Sarah Hollins / Annabel Atkins / James Lingfield |
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Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media and technology services. Catenae use the power of blockchain to deliver solutions where its people-centric technology enables trust and certainty allowing organisations to gain better control over their operations, manage staff and safely welcome customers.