Related Party Transactions

Catenae Innovation PLC

31 August 2023

 

Catenae Innovation PLC

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

Related Party Transactions

Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, announces that, the following historic related party transactions (in aggregate, the "Transactions") which the Company failed to notify pursuant to Rule 13 of the AIM Rules for Companies at the time:

1.    During the 12-month period ended 30 September 2018, Guy Meyer, a director of the Company, provided a number of loans (personally and through The Firebelly Consultancy Limited, a company in which Guy Meyer was/is a director and significant shareholder) to the Company totalling in aggregate approximately £173k which were not disclosed as related party transactions during the period ended 30 September 2018 ("Transaction 1"). £117k was repaid to Mr Meyer during the period.

2.    During the same period ended 30 September 2018, Tony Sanders (a former director of the Company appointed on 28 December 2011 and resigned on 18 July 2019) also provided in aggregate approximately £41k in loans to the Company ("Transaction 2"). Approximately £16k of these loans were repaid to Tony Sanders during the period.

3.    During the 12-month period ended 30 September 2019, Guy Meyer provided approximately £52,500 in loans to the Company ("Transaction 3"). £108k was repaid to Guy Meyer during the period.

4.    During the same period ended 30 September 2019, Tony Sanders provided approximately £10,200 to the Company ("Transaction 4"). £35k was repaid to Tony Sanders during the period which settled the outstanding balance on the loan carried over in the prior financial period.

The above loans were all provided to the Company on an interest-free basis and were fully repaid in the 12-month period ended 30 September 2020.

Brian Thompson and John Farthing, being directors of the Company independent of Transactions 1 - 4, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider that, at the time they were entered into, the terms of the Transactions 1 - 4 are fair and reasonable in so far as the Company's shareholders are concerned.

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:

Catenae Innovation PLC	[phone]
Guy Meyer, Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser)	[phone]
Liam Murray / Jo Turner
Shard Capital Partners LLP (Broker)	[phone]
Damon Heath

Notes to Editors:

About Catenae Innovation PLC

Catenae Innovation is an AIM quoted provider of digital media and technology services. The Company specialises in Distributed Ledger Technology solutions that solve commercial challenges and create opportunities for its clients. The Company has an experienced IT team of project managers and integrators who have deployed systems across corporate, government and educational sectors.

www.catenaeinnovation.com

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

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