Business
Update on GSX Acquisition
Update on GSX Acquisition.
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\n21 July 2023\nValereum Plc\n(\"Valereum\" or the \"Company\")\n \nUpdate on Gibraltar Stock Exchange (\"GSX\") Acquisition\n \nValereum Plc, the Gibraltar technology group, is pleased to provide an update on the acquisition of the GSX.\nWe have agreed a revised timetable with the GSX and the Gibraltar Financial Services Commission (\"GFSC\") which provides an extended closing date of the 31st August 2023. The primary purpose of this is to ensure sufficient handover time to organise the closing process with the GSX and also to comply fully with GFSC requirements.\nThe payment for the second tranche of the GSX providing 100% ownership has been agreed at £750,000.\nWe have been pursuing financing in both UK and North America. We have a funding commitment from a fund in North America conditional only on the closing of their new fund. This is anticipated in the next few weeks.\nRichard Poulden, Valereum's Chairman, said: \"We remain committed to the creation of a Stock Exchange which can transform the financial services industry in Gibraltar. We look forward to the final stages to make this a reality\".\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\[email protected]\n \nFor more information, please visit the Company's website at valereum.gi\n\n","length":4421,"tagName":"div"}]