Update re Press Commentary
28 October 2022
Bidstack Group Plc
("Bidstack" or the "Company" or the "Group")
Update re Press Commentary
Further to the Company's strategy update to the market on 26 October 2022, the Board notes recent press commentary regarding a private communication by the Company with certain investors concerning an email received from Azerion, which the Directors have been advised did not require disclosure under either the AIM Rules or MAR. In order to ensure that all shareholders have parity of information the Company wishes to give this update.
After the announcement on 5 October 2022 of the Group's Fundraise, Bidstack received an email from Azerion requesting certain information and reserving its rights under the Azerion agreement.
Given the nature of the Group's strong ongoing commercial relationship with Azerion and the extensive work taking place on the ground to ensure the success of the partnership by both Azerion and Bidstack, the Directors were surprised to receive this email. At a commercial level, the Group's arrangements with Azerion continue to be operated on a 'business as usual' basis by both parties, with October already the highest grossing month to date and with November and December anticipated to grow further month on month. Bidstack has responded with detailed information demonstrating the Group's compliance with all areas identified. Bidstack has taken appropriate external legal advice and has concluded that Azerion has no present entitlement to end its agreement with the Group.
As referred to in the Company's announcement on 26 October 2022, following early evidence of its success in selling directly into North America and Japan, Bidstack intends to undertake a comprehensive business review, specifically reassessing and renegotiating, where appropriate, both existing and new reseller engagements in all geographies in order to maximise the benefits of its contacts with developers, publishers, ad-tech vendors and media companies.
Bidstack notes that Azerion is primarily a European-based group, with its sales-reach strongest in these territories. As announced on 20 September and 13 and 26 October, Bidstack has now invested in an experienced sales team with a proven track record in North America, which has a robust pipeline for FY23.
Bidstack's newly appointed Group Chief Revenue Officer is in active discussions on a number of significant global revenue opportunities, including additional resellers, licensors and media agreements, with anticipated contracts in FY23.
The Company would like to stress that, contrary to the press commentary, there is no litigation with Azerion, and the contract with Azerion continues to operate as expected.
The Directors also confirm that there are no discussions with Azerion regarding any offer for the Company.
The Board believes that the Company is trading in line with market expectations for the years ended 31 December 2022 and 2023.
-ENDS-
Contacts
|
Bidstack Group Plc James Draper, CEO |
via Buchanan |
|
SPARK Advisory Partners Limited (Nomad) Mark Brady / Neil Baldwin / James Keeshan |
+44 (0) 203 368 3550 |
|
Stifel Nicolaus Europe Limited (Broker) Fred Walsh / Tom Marsh |
+44 (0) 20 7710 7600 |
|
Buchanan Communications Limited Chris Lane / Stephanie Whitmore / Kim van Beeck bidstack@buchanan.uk.com |
+44 (0) 20 7466 5000 |
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