1 November 2016
COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Group")
COINSILIUM DIVESTS FROM TRAC TECHNOLOGY LTD.
The Coinsilium Board has reviewed TRAC Technology Ltd (“TRAC”) against its strategy of investing in early stage blockchain focused companies. It has concluded that TRAC no longer meets Coinsilium’s core criteria and, as a result, the Board has decided to take advantage of an opportunity to divest its direct 27.3% shareholding in TRAC. Coinsilium will receive consideration of US$100,000 for its shares; of which 50% will be paid in cash and the remainder will be paid by the issue of 2.6m new shares in Kolar Gold Limited (AIM:KGLD) which will be subject to a lock-in period of three months. Kolar Gold Limited is managed by CEO Cameron Parry, a former director of Coinsilium Group Limited.
Coinsilium’s CEO Eddy Travia stated, “We regularly assess our portfolio against our investment remit, which is to invest in and support early stage blockchain focused companies. Our review of TRAC’s activities and future strategy has concluded that they no longer meet Coinsilium’s core criteria. Having tested the market by holding discussions with two other potential acquirers, the Board is satisfied that we were able to negotiate the best possible divestment agreement based on TRAC’s current market value. Coinsilium has enjoyed working with Ralph Hazell and the TRAC team and looks forward to benefitting from future developments.”
Notes to Editor
About Coinsilium Group
Coinsilium is a London-based blockchain technology focused investment and development company, supporting early-stage blockchain companies through investment, acceleration, development and education.
Coinsilium is the world's first blockchain technology focused company to be admitted to trading on an Exchange Regulated Market and has a portfolio of interests in blockchain companies and projects. In addition to pursuing its investment strategy Coinsilium is able to offer a suite of services including corporate/business advisory, CPD accredited training & education, investment solutions, in-house development and other professional services to blockchain/fintech companies and major corporates wanting to learn more about blockchain technology and its implications to the way the world transfers value over the internet.
For further information please visit http://www.coinsilium.com/
Or please contact the following:
Eddy Travia / Laurent Kssis Coinsilium Group Limited +44 (0) 207 099 0740
Peter Shea / Asha Chotai Daniel Stewart & Company +44 (0) 207 776 6550
Nick Emerson / Andy Thacker SI Capital Limited +44 (0) 1483 413 500
Jan Skoyles Coinsilium Group Limited firstname.lastname@example.org