Coinsilium Group Limited Coinsilium divests from Trac Technology Ltd
01 November 2016 - 7:00AM
UK Regulatory
TIDMCOIN
1 November 2016
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Group")
COINSILIUM DIVESTS FROM TRAC TECHNOLOGY LTD.
The Coinsilium Board has reviewed TRAC Technology Ltd ("TRAC") against its
strategy of investing in early stage blockchain focused companies. It has
concluded that TRAC no longer meets Coinsilium's core criteria and, as a
result, the Board has decided to take advantage of an opportunity to divest
its direct 27.3% shareholding in TRAC. Coinsilium will receive consideration of
US$100,000 for its shares; of which 50% will be paid in cash and the remainder
will be paid by the issue of 2.6m new shares in Kolar Gold Limited (AIM:KGLD)
which will be subject to a lock-in period of three months. Kolar Gold Limited
is managed by CEO Cameron Parry, a former director of Coinsilium Group Limited.
Coinsilium's CEO Eddy Travia stated, "We regularly assess our portfolio against
our investment remit, which is to invest in and support early stage blockchain
focused companies. Our review of TRAC's activities and future strategy has
concluded that they no longer meet Coinsilium's core criteria. Having tested
the market by holding discussions with two other potential acquirers, the Board
is satisfied that we were able to negotiate the best possible divestment
agreement based on TRAC's current market value. Coinsilium has enjoyed working
with Ralph Hazell and the TRAC team and looks forward to benefitting from
future developments."
Notes to Editor
About Coinsilium Group
Coinsilium is a London-based blockchain technology focused investment and
development company, supporting early-stage blockchain companies through
investment, acceleration, development and education.
Coinsilium is the world's first blockchain technology focused company to be
admitted to trading on an Exchange Regulated Market and has a portfolio of
interests in blockchain companies and projects. In addition to pursuing its
investment strategy Coinsilium is able to offer a suite of services including
corporate/business advisory, CPD accredited training & education, investment
solutions, in-house development and other professional services to blockchain/
fintech companies and major corporates wanting to learn more about blockchain
technology and its implications to the way the world transfers value over the
internet.
For further information please visit http://www.coinsilium.com/
Or please contact the following:
Eddy Travia / Laurent Coinsilium Group Limited +44 (0) 207 099 0740
Kssis
Peter Shea / Asha Daniel Stewart & Company +44 (0) 207 776 6550
Chotai (Corporate Adviser)
Nick Emerson / Andy SI Capital Limited +44 (0) 1483 413 500
Thacker (Broker)
Jan Skoyles Coinsilium Group Limited janskoyles@coinsilium.com
(Marketing)
END
(END) Dow Jones Newswires
November 01, 2016 03:00 ET (07:00 GMT)