Deepverge PLC Related Party Transaction (1646P)

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RNS Number : 1646P

Deepverge PLC

15 October 2021

15 October 2021

DeepVerge PLC

("DeepVerge" or "Company")

Related Party Transaction

On 28 August 2018 and 26 September 2018 Mrs Dagmara Brandon, the wife of Mr Gerard Brandon, the Company's Chief Executive, advanced loans of GBP4,000 and GBP8,650 respectively ("the Loans") to the Company to be used for month end working capital purposes. The Loans were interest free and unsecured.

The advance of the second of these Loans constituted a related party transaction, following aggregation with the first of the Loans, under AIM Rule 13 and was required to have been notified at the time of advance.

The Loans were subsequently transferred to a third party in return for shares in DeepVerge (then named Integumen plc) on 20 November 2018 at an equivalent price of 6.5p per share (taking account of the 10:1 share consolidation that took place in 2020). Details of the subsequent disposal of these shares was the subject of the notification headed "Director/ PDMR Shareholding" on 8 February 2021.

The board of DeepVerge has changed since September 2018. The current board, excluding Gerard Brandon who is not considered independent, ("Independent Directors") has retrospectively considered the terms of the related party transaction.

The Independent Directors consider, having consulted with SPARK Advisory Partners, its nominated adviser, that the terms of the Loans are fair and reasonable insofar as its shareholders are concerned.

Enquiries:

 
 DeepVerge plc              Ross Andrews, Chairman    [phone] 
 
 SPARK Advisory Partners 
  Limited 
  (Nominated Adviser)       Neil Baldwin              [phone] 
 
 Turner Pope Investments 
  (TPI) Limited             Andy Thacker/James 
  (Broker)                   Pope                     [phone] 
 

Market Abuse Regulation (MAR) Disclosure

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October 15, 2021 02:00 ET (06:00 GMT)