Business
Disposal, fund raising and directorate change
Disposal, fund raising and directorate change.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n \n 14 July 2010\n\n Corero PLC \n\n (\"Corero\" or \"the Company\") \n\n £6.5 million fund raising, disposal and Directorate change \n\nCorero (AIM: CORO), the specialist provider of software solutions to the\neducation and banking and securities markets, today announces a number of\ninterrelated transactions, including fund raisings to inject £6.5 million\n(before expenses) of new capital, the disposal of the Financial Markets\ndivision and the appointment of new directors.\n\nFund raising:\n\n * £6.5 million raised by a Placing (£2.0 million) and Subscription (£4.5\n million).\n \n * £2 million 8% convertible unsecured redeemable loan stock converted into\n ordinary shares.\n \n * the Company will be debt free post transactions.\n \nDisposal:\n\n * Financial Markets division sold to Brokerhorse Limited, a subsidiary of\n Rivington Street Holdings plc - consideration is the assumption by\n Rivington of £2 million of the Company's CULS.\n \nDirectorate change and management team:\n\n * Appointment of Jens Montanana as non-executive director.\n \n * Appointment of Andrew Miller as executive director responsible for finance,\n operations and M&A.\n \n * New directors and management team have extensive experience in technology,\n sales, marketing, finance, acquisitions, business integration and\n operations.\n \n * Mark Robertson, Managing Director of the Financial Markets division will\n resign from the Company and transfer to run the business in Rivington.\n Peter Waller, Richard Last and Bernard Snowe will remain on the board.\n \nFuture strategy and prospects\n\n * Invest and grow the Business Systems division\n \n * Develop through a buy and build strategy a network security solutions\n business. \n \n * \n + Sector should continue to grow as security threats proliferate and the\n market demand for evolved security products increases. \n \n * Focus on delivering high growth solutions (with related services providing\n recurring income) to mid-market and larger customers as well as\n telecommunications service providers.\n \nA circular setting out full details of the Proposals and convening the General\nMeeting and the CULS Meeting will be posted to Shareholders today. The\nProposals are conditional on Shareholders and CULS Holders approvals of the GM\nResolutions and the CULS Resolutions respectively. On Admissio...