CRTA Cirata Plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

17 July 2024

Cirata plc

Result of Fundraising

Cirata plc (the "Company" and together with its subsidiaries, "Cirata" or the "Group") (LSE: CRTA), the data activation platform, is pleased to announce the successful completion of its equity fundraise raising gross proceeds of $7.2 million (£5.6 million) (the "Fundraise") announced on 16 July 2024 (the "Launch Announcement"). A total of 10,103,328 new ordinary shares will be issued by the Company pursuant to the Fundraise (the "Offer Shares"). The Offer Shares will represent 8.7 per cent. of the current issued ordinary share capital of the Company prior to the Fundraise.

A total of 2,333,103 Offer Shares have been placed by Panmure Liberum Limited, acting as sole bookrunner ("Panmure Liberum"), at 55 pence per share (the "Offer Price") pursuant to the Placing, raising gross proceeds of approximately $1.7 million (c. £1.3 million) (the "Placing"). Concurrently with the Placing, 7,522,970 Offer Shares have been subscribed for by investors directly from the Company at the Offer Price, raising gross proceeds of approximately $5.3 million (c. £4.1 million) (the "Direct Subscription").

The Fundraise includes, retail investors who have subscribed in the separate retail offer made by the Company via the PrimaryBid platform for a total of 194,800 Offer Shares at the Offer Price, raising gross proceeds of approximately $139k (c. £107k) (the "Retail Offer").

CEO, Stephen Kelly, participated in the Placing for a total of 18,181 Offer Shares at the Offer Price. Non-Executive Chair, Kenneth Lever ("Ken Lever") and Senior Independent Non-Executive Director, Peter Lees, subscribed directly from the Company for a total of 52,455 Offer Shares at the Offer Price. Together, the Directors' participation in the Fundraise raised gross proceeds of approximately $50k (c. £39k). Further details are set out below.

The Offer Price represents a discount of approximately 5.2 per cent to the closing share price of 58 pence on 15 July 2024.

The Company consulted with and received strong support from many of its largest shareholders prior to the Fundraise. The Company has respected the principles of the soft pre-emption, so far as possible, through the allocation process. The Company's management team actively participated in the structuring and allocation of the Fundraise.

The Offer Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Offer Shares and will otherwise rank on admission pari passu in all respects with the existing Ordinary Shares.

Director participation

The participation by certain Directors in the Fundraise is set out below:

Exchange rate used throughout is GBP:USD 1.29835 as at 4.30 p.m. 15 July 2024

Stephen Kelly, Ken Lever and Peter Lees have agreed to participate in the Fundraise for 18,181, 45,454 and 7,001 Offer Shares respectively. The participation of Stephen Kelly, Ken Lever and Peter Lees, all existing directors in the Company, are related party transactions pursuant to Rule 13 of the AIM Rules for Companies ("Directors Related Party Transactions").

The Directors who are independent of the Directors Related Party Transactions, having consulted with Stifel, the Company's nominated adviser, consider the terms of the respective participation of Stephen Kelly, Ken Lever and Peter Lees in the Fundraise to be fair and reasonable insofar as shareholders of the Company are concerned.

Other related party transactions

Global Frontier Investments ("Global Frontier") and Davis Capital Partners ("Davis Capital") have agreed to subscribe for 1,151,251 and 2,800,756¹ Ordinary Shares respectively, pursuant to the Direct Subscription. Richard Griffiths has agreed to participate in the Placing for 1,400,378 shares. The participation of Richard Griffiths, Global Frontier and Davis Capital, all existing substantial shareholders in the Company are related party transactions pursuant to Rule 13 of the AIM Rules for Companies ("Substantial Shareholder Related Party Transactions").

The Directors who are independent of the Substantial Shareholder Related Party Transactions, having consulted with Stifel, the Company's nominated adviser, consider the terms of the respective participation of Richard Griffiths, Global Frontier and Davis Capital in the Fundraise to be fair and reasonable insofar as shareholders of the Company are concerned.

¹Davis Capital have participated in the raise via Davis Capital Partners, LAD Trust and S & G Foundation for an aggregate total of 2,800,756 Offer Shares.

Admission of Ordinary Shares to trading on AIM

Application has been made to the London Stock Exchange for the Offer Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will be effective and settlement of the Offer Shares will commence at 8.00 a.m. on 22 July 2024.

Total voting rights

Following Admission, the Company's enlarged issued ordinary share capital will be 125,936,463. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the FCA.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Launch Announcement, unless context provides otherwise.

This Announcement is released by Cirata plc and contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation, and is disclosed in accordance with the Company's obligations under Article 17 of the UK Market Abuse Regulation.

The person responsible for arranging the release of this announcement on behalf of Cirata plc is Larry Webster, Company Secretary.

For further information, please contact:

IMPORTANT INFORMATION

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, TRANSMISSION, FORWARDING OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (COLLECTIVELY, THE "UNITED STATES"), AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

This announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Canada, Australia, Japan or the Republic of South Africa or any other jurisdiction in which the same would be unlawful. Except for the Retail Offer, no public offering of the Offer Shares is being made in any such jurisdiction.

No action has been taken by the Company, Panmure Liberum, any of their respective Affiliates, or any person acting on its or their behalf that would permit an offer of the Offer Shares or possession or distribution of this announcement or any other offering or publicity material relating to such Offer Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company and Panmure Liberum to inform themselves about, and to observe, such restrictions.

No prospectus, offering memorandum, offering document or admission document has been or will be made available in connection with the matters contained in this announcement and no such prospectus is required (in accordance with Regulation (EU) No 2017/1129 (as amended) (the "EU Prospectus Regulation") or assimilated Regulation (EU) No 2017/1129 (as amended) as it forms part of the laws of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) (the "UK Prospectus Regulation")) to be published. Persons needing advice should consult a qualified independent legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any State or other jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any State or any other jurisdiction of the United States. Accordingly, the Offer Shares will be offered and sold only (i) outside of the United States in "offshore transactions" (as such term is defined in Regulation S under the Securities Act ("Regulation S")) pursuant to Regulation S and otherwise in accordance with applicable laws; and (ii) in the United States to persons who are "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) ("QIBs") and who have executed and delivered to the Company and Panmure Liberum a US investor letter substantially in the form provided to it, in each case, pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act. No public offering of the Securities will be made in the United States or elsewhere.

The Fundraise has not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the Fundraise, or the accuracy or adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.

This announcement has not been approved by the London Stock Exchange.

Members of the public are not eligible to take part in the Placing, Direct Subscription or Management Subscription. This announcement is directed at and is only being distributed to: (a) if in a member state of the European Economic Area (the "EEA"), qualified investors ("Qualified Investors") within the meaning of Article 2(e) of the EU Prospectus Regulation; (b) if in the United Kingdom, qualified investors within the meaning of Article 2(e) of the UK Prospectus Regulation who are also (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professional" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); or (ii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2)(a) to (d) of the Order ("UK Qualified Investors"); or (c) other persons to whom it may otherwise be lawfully communicated (all such persons together being "Relevant Persons").

This announcement must not be acted on or relied on by persons who are not Relevant Persons. Persons distributing this announcement must satisfy themselves that it is lawful to do so. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained for the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the Offer Shares and the Offer Shares have not been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan or the Republic of South Africa. Accordingly, the Offer Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction in which such activities would be unlawful.

Certain statements contained in this announcement constitute "forward-looking statements" with respect to the financial condition, results of operations and businesses and plans of the Company and the Group. Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "will", "would", "could", "considered", "likely", "estimate" and variations of these words and similar future or conditional expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon future circumstances that have not occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. The forward-looking statements contained in this announcement speak only as of the date of this announcement. The Company, its directors, Panmure Liberum, their respective Affiliates and any person acting on its or their behalf each expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation, the FCA or the London Stock Exchange.

Panmure Liberum is authorised and regulated in the United Kingdom by the FCA. Panmure Liberum is acting exclusively for the Company and no one else in connection with the Placing, the contents of this announcement or any other matters described in this announcement. Panmure Liberum will not regard any other person as its client in relation to the Placing, the content of this announcement or any other matters described in this announcement and will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice to any other person in relation to the Placing, the content of this announcement or any other matters referred to in this announcement.

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Panmure Liberum or by any of its Affiliates or any person acting on its or their behalf as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

This announcement does not constitute a recommendation concerning any investor's investment decision with respect to the Fundraise. Any indication in this announcement of the price at which ordinary shares have been bought or sold in the past cannot be relied upon as a guide to future performance. The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Offer Shares. The contents of this announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult their or its own legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice.

No statement in this announcement is intended to be a profit forecast or profit estimate for any period, and no statement in this announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the Company for the current or future financial years would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the Company.

All offers of the Offer Shares will be made pursuant to an exemption under the UK Prospectus Regulation or the EU Prospectus Regulation from the requirement to produce a prospectus. This announcement is being distributed and communicated to persons in the UK only in circumstances to which section 21(1) of the Financial Services and Markets Act, 2000, as amended does not apply.

The Offer Shares to be issued or sold pursuant to the Fundraise will not be admitted to trading on any stock exchange other than the London Stock Exchange.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this announcement should seek appropriate advice before taking any action.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement.

This announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.

The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation.