Business
Option to acquire company services business Sparta
Option to acquire company services business Sparta.
About this update from Valereum Plc
[{"type":"text","content":"\n\nThe 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\")\n \n\n25 May 2023\nValereum Plc\n(\"Valereum\" or the \"Company\")\n \nOption to acquire company services business Sparta Ltd\n \nValereum Plc, the Gibraltar technology group, is pleased to announce that it has signed an option agreement to purchase Sparta Ltd, a licensed company service provider in Gibraltar which specialises in company formation and management. Sparta will be applying to the Gibraltar regulators to extend its services offering to cover trust formation and management in due course, which will cover the structure necessary for linking NFTs to real world assets. \n \nThe acquisition of Sparta pursuant to the exercise of the option will constitute a change of control which is subject to the approval of the Gibraltar Financial Services Commission. Accordingly, until that approval is granted, the option will not be exercised.\n \nThe consideration for the purchase of Sparta shall be satisfied by means of £100,000 payable in cash or shares in the Company at the prevailing share price at the time of exercise.\n \nSparta's role in the group covers the area we had previously expected to be serviced by Juno. The Juno acquisition did not ultimately proceed as our due diligence discovered serious and important issues which had not been previously disclosed.\nRichard Poulden, Chairman of Valereum, said: \"The acquisition of Sparta will move us towards completion of our portfolio of product offerings whereby we will able to service the NFT program in-house. Sparta is already working with Valereum and integrating its specialist services into the group will be beneficial to our strategic plans.\"\nThe Directors of the Company accept responsibility for the contents of this announcement.\n \nEND\n \nEnquiries:\n \nValereum Plc\nRichard Poulden, Chairman\nTel: +971 4584 6284\n \nAQSE Corporate Adviser\nFirst Sentinel Corporate Finance\nBrian Stockbridge\nTel: +44 (0) 7876 888 011\n \nInvestor Relations\nJ&H Communications Limited\nGeorge Hudson\nTel: +44 (0)7803 603130\ngeorge@j-hcommunication...