Valereum PLC Acquisition of the GSX Group (1176X)
18 Décembre 2023 - 8:00AM
UK Regulatory
TIDMVLRM
RNS Number : 1176X
Valereum PLC
18 December 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR")
18/12/2023
Valereum Plc
("Valereum" or the "Company")
Acquisition of the GSX Group
Valereum Plc, the Gibraltar technology group, is pleased to
announce the successful agreement to acquire the GSX Group, a
Gibraltar based fintech company, seeking to unlock capital and
create value in tokenised digital markets as a leading provider of
technology solutions and as an exchange and marketplace
operator.
Through a strategic share purchase agreement, Valereum is
acquiring 100% ownership of the GSX Group in exchange for 5,000,000
shares in Valereum and 10,000,000 warrants exercisable at 1p by
December 2026 (warrants will vest and not be exercisable during a
6-month lock in period from the 10 December 2023).
The acquisition is conditional on the approval of the
shareholders of the GSX Group and this is expected to occur in
January 2024 at which time the shares and warrants referred to
above will be issued. A further announcement will be made once the
acquisition has completed.
The acquisition, which includes the GATENet DFMI intellectual
property (digital financial markets infrastructure), if approved by
the GSX Group shareholders, will strategically position Valereum as
a leader in tokenisation, which is set to grow considerably over
the next few years as regulatory frameworks evolve favourably,
fostering increased trust and adoption in mainstream financial
markets.
Valereum will also adopt GATE Token (the utility token of
GATENet) as the sole token within the Valereum ecosystem and it
will release further details regarding the token utility and how it
will seek to responsibly grow the GATE Token ecosystem in the near
future.
Following the acquisition, the intellectual property will be
utilised by Valereum and the GSX brand will be discontinued as part
of an orderly dissolution of the GSX Group.
Valereum is also today announcing the following Board
appointments which will be made once First Sentinel Corporate
Finance has conducted the necessary checks as required by the AQSE
Rules. A further announcement will be made upon the appointments
being made:
Nick Cowan will be joining the Board as Chief Executive Officer.
Formerly serving as GSX Group CEO and f ounder of the Gibraltar
Stock Exchange and GSX Group. With 35+ years' experience Nick was
the former global head of equities and global head of equity
trading at ING Barings.
Simon Brickles will be joining as a Non-Executive Director to
the company. Simon, the current group chairman of the GSX Group,
brings over 30+ years' experience in capital markets. Simon served
in lead roles such as the former head of AIM/London Stock Exchange
and former CEO of PLUS Markets.
Gary Cottle will also be joining the board as a Non-Executive
Director. Gary has had a 30 year career in finance services, most
recently as senior managing director at Nomura as Head of Global
Markets EMEA and has managed a number of exchange and platform
investments. Gary is unconnected to the GSX Group.
Patrick L Young has stepped down from the Board of Directors
with immediate effect.
Information for the purpose of Rule 4.9 of the AQSE Growth
Market Access Rulebook for the new directors will be provided once
the board appointments have been made.
James Formolli, Chairman stated: "We are excited about the
synergies this fantastic deal brings, the opportunities it creates
for sustained success, longevity and new potential market
offerings. The value and experience Nick, Simon and Gary will bring
will be invaluable as we look to grow, revolutionise the technology
markets, focus on innovative solutions and look to position
ourselves as a key player at the forefront of industry
advancements.
Nick Cowan says:
"We believe that tokenisation is set to be a huge market over
the next decade and will play a key role in delivering efficiencies
in capital markets. We have allocated considerable resources to
building our GATENet digital infrastructure over the last few years
and we look forward to delivering on our vision as part of
Valereum."
The Company looks forward to sharing our business vision and
strategy at the AGM in the New Year.
The directors of the Company accept responsibility for the
contents of this announcement.
For more information, please visit the Company's website at
Valereum.gi
Enquiries:
Valereum Plc
James Formolli, Chairman
Tel: +971 4584 6284
AQSE Corporate Adviser
First Sentinel Corporate Finance
Brian Stockbridge
Tel: +44 20 3855 5551
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END
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