Deepverge PLC Related Party Transaction (1646P)
15 Octubre 2021 - 1:00AM
UK Regulatory
TIDMDVRG
RNS Number : 1646P
Deepverge PLC
15 October 2021
15 October 2021
DeepVerge PLC
("DeepVerge" or "Company")
Related Party Transaction
On 28 August 2018 and 26 September 2018 Mrs Dagmara Brandon, the
wife of Mr Gerard Brandon, the Company's Chief Executive, advanced
loans of GBP4,000 and GBP8,650 respectively ("the Loans") to the
Company to be used for month end working capital purposes. The
Loans were interest free and unsecured.
The advance of the second of these Loans constituted a related
party transaction, following aggregation with the first of the
Loans, under AIM Rule 13 and was required to have been notified at
the time of advance.
The Loans were subsequently transferred to a third party in
return for shares in DeepVerge (then named Integumen plc) on 20
November 2018 at an equivalent price of 6.5p per share (taking
account of the 10:1 share consolidation that took place in 2020).
Details of the subsequent disposal of these shares was the subject
of the notification headed "Director/ PDMR Shareholding" on 8
February 2021.
The board of DeepVerge has changed since September 2018. The
current board, excluding Gerard Brandon who is not considered
independent, ("Independent Directors") has retrospectively
considered the terms of the related party transaction.
The Independent Directors consider, having consulted with SPARK
Advisory Partners, its nominated adviser, that the terms of the
Loans are fair and reasonable insofar as its shareholders are
concerned.
Enquiries:
DeepVerge plc Ross Andrews, Chairman +44 (0) 1904 40 4036
SPARK Advisory Partners
Limited
(Nominated Adviser) Neil Baldwin +44 (0) 113 370 8974
Turner Pope Investments
(TPI) Limited Andy Thacker/James
(Broker) Pope +44 (0) 20 3657 0050
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
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END
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