Annual Report, Notice of AGM and Share Authority

Pelatro PLC

01 June 2023

 

1 June 2023

Pelatro Plc

("Pelatro" or the "Group")

Annual Report and Notice of 2023 AGM

Share authority, potential funding and future acquisitions

Annual Report and Notice of 2023 AGM

Further to the announcement of the Company's results for the year ended 31 December 2022 on 26 May 2023, Pelatro (AIM: PTRO) confirms that the Annual Report for that year is now available on the Company's website at www.pelatro.com.

The 2023 Annual General Meeting ("AGM") will be held at 11:00am on 23 June 2023 at the offices of the Company, 49 Queen Victoria Street, London EC4N 4SA. Documentation concerning the AGM has been posted  to shareholders today.

Share authority, funding and potential acquisitions

The AGM notice contains both ordinary and special resolutions to enable the Company to issue a significant number of shares on a non-pre-emptive basis, up to an aggregate nominal amount of £1,875,000.00, . Such issue is intended to finance potential acquisitions and any associated working capital required. The Company has received indicative non-binding commitments from a number of overseas family offices as well as from management of the Group to subscribe for any shares to be issued that will fund the entire consideration for any potential acquisitions that are completed thereby underwriting the entire issue without the need to raise any funding from the UK market. The number of new shares issued might be considerably less than the amount allowed for in the special resolution depending on the price at which the shares will be issued. Seeking the above mentioned authority the Directors believe will ensure speed and certainty of funding.

Broadly the Company is seeking to make acquisitions that will add quality recurring revenue and will diversify the Company away from both emerging markets and the telco sector and add new verticals and a broader geographic presence.

Having discussed this issue with the Company's major shareholders, the Board considers this proposal to be in the best interests of shareholders and encourage them to vote in favour of the relevant resolutions at the forthcoming AGM.

There can be no certainty that any acquisitions will complete or the terms of any such acquisitions. Shareholders will be updated as soon as possible on progress and the Board commits to only use the substantial share authority sought to help fund strategic acquisitions.

"As a significant shareholder, I will endeavour to minimise the dilution to the extent possible thereby protecting shareholder value", said Subash Menon, the CEO, Managing Director and Co-Founder of the Company.

For further information contact:

Pelatro Plc
Subash Menon, Managing Director	c/o finnCap
Nic Hellyer, Chief Financial Officer
finnCap Limited (Nominated Adviser and Joint Broker)	[phone]
Carl Holmes/Milesh Hindocha (Corporate Finance)
Dowgate Capital Limited (Joint Broker)	[phone]
Stephen Norcross

This announcement is released by Pelatro Plc and, prior to publication, the information contained herein was deemed to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014. Such information is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Pelatro Plc was Nic Hellyer, CFO.

Notes to editors

The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.

Pelatro provides its "mViva" platform for use by customers in B2C and B2B applications and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.

For more information about Pelatro, visit www.pelatro.com

 

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