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Valereum PLC - Option to acquire company services business Sparta


Announcement provided by

Valereum Plc · VLRM

25/05/2023 10:46

Valereum PLC - Option to acquire company services business Sparta
RNS Number : 6663A
Valereum PLC
25 May 2023
 

The 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")

 

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25 May 2023

Valereum Plc

("Valereum" or the "Company")

 

Option to acquire company services business Sparta Ltd

 

Valereum 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. 

 

The 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.

 

The 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.

 

Sparta'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.

Richard 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."

The Directors of the Company accept responsibility for the contents of this announcement.

 

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Enquiries:

 

Valereum Plc

Richard Poulden, Chairman

Tel: +971 4584 6284

 

AQSE Corporate Adviser

First Sentinel Corporate Finance

Brian Stockbridge

Tel: +44 (0) 7876 888 011

 

Investor Relations

J&H Communications Limited

George Hudson

Tel: +44 (0)7803 603130

george@j-hcommunications.com

 

For more information, please visit the Company's website at valereum.gi

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