Business
Subscription Agreement and Trading Update
Subscription Agreement and Trading Update.
About this update from Krm22 Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8110Q\n KRM22 PLC\n 01 November 2021\n \n \n \n \n KRM22 plc\n \n \n (\"KRM22\", the \"Group\" or the \"Company\")\n \n \n Conditional Subscription Agreement and Trading Update\n \n \n \n \n \n KRM22 plc, (AIM: KRM) the technology and software investment company that focuses on risk management for capital markets, today announces that it has entered into a conditional subscription agreement (the \"Agreement\") with 7RIDGE Investments 3 LP acting by its general partner 7RIDGE Investments 3 (GP) Limited (\"7RIDGE\") to subscribe for up to 25 per cent of the enlarged ordinary share capital of the Company at 53 pence per share to raise approximately £4.7 million in aggregate (the \"Transaction\").\n \n \n \n \n \n The Agreement\n \n \n Pursuant to the Agreement, 7RIDGE has conditionally agreed to subscribe (the \"Subscription\") for up to 8,916,584 new Ordinary Shares (the \"Subscription Shares\") in the Company at a price of 53 pence per share to raise approximately £4.7m in aggregate. 7RIDGE has today announced a conditional agreement to acquire Trading Technologies International, Inc. (\"TT\"), a leading provider of SaaS based services for capital markets companies, and the Agreement allows 7RIDGE to nominate TT, or any other entity controlled by 7RIDGE, to subscribe for the Subscription Shares in its place.\n \n \n The Subscription is conditional, inter alia, on:\n \n \n (1) 7RIDGE being satisfied that neither it nor TT will be treated as being in a concert party pursuant to the City Code on Takeovers and Mergers (the \"Code\") in respect of the Transaction, or the approval of a Rule 9 whitewash pursuant to the Code for the Transaction by the shareholders of the Company to the extent such approval may be required;\n \n \n (2) Completion of the acquisition of TT by 7RIDGE, as announced today, which is subject to regulatory approval which is expected to complete on or before 31 December 2021;\n \n \n (3) The negotiation and execution of a distribution agreement between the Company and TT; and\n \n \n (4) Admission of the Subscription Shares to trading on AIM.\n \n \n Accordingly, the funds receivable pursuant to the Subscription will not be received by the Company until such conditions are satisfied. In the event that neither clearance nor a whitewash a...