Crossword Cybersecurity PLC Business and assets sale update. Nomad resignation

RNS Number : 2996I

Crossword Cybersecurity PLC

15 October 2024

 

15 October 2024

Crossword Cybersecurity Plc

("Crossword", the "Company" or the "Group")

Update on Sale of Underlying Businesses and Assets

Resignation of Nominated Adviser

 

On Friday 11th October, the Company announced that it had appointed Knight Corporate Finance Limited to manage the Proposed Sale of the underlying businesses and assets of the Company. Since this announcement the Company has received a positive level of interest in its underlying businesses and assets from several potential acquirers. Discussions are ongoing with these parties and the Board expects to make decisions within the coming week on the most effective way of maximising value for creditors.

In parallel, Grant Thornton UK LLP has resigned as Nominated Adviser effective 14th October. The Board does not anticipate appointing a new Nomad at this time, given the intention to sell the underlying business and assets of the Company within the next few weeks. However, it will consider appointing a new Nomad if it decides that the business or parts of the business are to remain on AIM.

Pursuant to Rule 1 of the AIM Rules for Companies, if a replacement Nominated Adviser is not appointed within one month of today's date, the admission of the Company's shares to trading on AIM will be cancelled.

 

- Ends -

 

Contacts

Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Stuart Jubb, Chief Executive Officer

 

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategy and risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, our Trillion™ suite of threat intelligence products, Trillion Breach, Harvista and Arc and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword's ordinary shares are admitted to trading on the AIM market of the London Stock Exchange.

Visit Crossword at https://www.crosswordcybersecurity.com/

 

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