Sale and Licence of Trademark

RNS Number : 2431L

Parity Group PLC

30 December 2022

 

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

30 December 2022

PARITY GROUP PLC

SALE AND LICENCE OF TRADEMARK

Parity Group plc ("Parity" or the "Group"), the data and technology focused recruitment and professional services business, is pleased to announce that it has agreed to sell to Gap Capital Ventures LLC ("Gap Capital") the trademarks that it holds in the UK and EU to the 'Parity' name. As part of the transaction, Parity is granted a perpetual, royalty free and irrevocable licence to continue to use the trademarks (together, the "Sale and Licence").

The consideration to be received by the Group for the Sale and Licence of the trademarks is £950,000 in cash, payable in full immediately, with the value of the trademarks currently being ascribed nil value within the Group's accounts and there being no profit associated with them.  The proceeds from the Sale and Licence will be used to provide the Group with additional working capital and enable the business to fund investment for growth in the first half of next year.

Mark Braund, Executive Chairman of Parity Group plc, said:

"The Sale and Licence of the Parity trademarks will have minimal impact on the Group's activities whilst generating significant value that will provide the Group with the opportunity to accelerate some of its growth plans and thereby shareholder value.

We look forward to providing a trading update on the Group's activities in the last week of January 2023."

Contacts
Parity Group PLC	www.parity.net
Mark Braund, Executive Chairman Mike Johns, CFO	+ 44 (0) 208 171 1729
Allenby Capital Limited (Nominated Adviser and Broker)
David Hart / Freddie Wooding (Corporate Finance) Tony Quirke (Sales and Corporate Broking)	[phone]

 

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