TIDMITIM

RNS Number : 2293D

itim Group PLC

28 June 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, REPUBLIC OF IRELAND, OR REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

itim Group plc

("itim", or "the Company", and together with its subsidiaries "the Group")

ADMISSION TO AIM AND FIRST DAY OF DEALINGS

itim Group plc, a SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors, is pleased to announce that admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange. Admission will take place and dealings will commence at 8.00 a.m. today under the ticker ITIM and the ISIN GB00BMD2H500.

The Company has successfully raised GBP8 million (before expenses) by way of a placing of 5,194,806 new Ordinary Shares with institutional and other investors at a price of 154 pence per Ordinary Share (the "Placing Price"). Itim's market capitalisation at the Placing Price on admission will be GBP48.1 million. WH Ireland Limited is acting as Sole Broker and Nominated Adviser in relation to the Admission.

The net proceeds will principally be used to continue the development and refinement of the Company's software; to invest in marketing; to increase the international reach of the Company through investment in new territories; to repay GBP2.1 million linked to the acquisition of EDI Plus Limited; and to advance potential acquisition opportunities.

The Company's Admission Document is available to view on the Company's website at www.itim.com

Ali Athar, Chief Executive of itim Group, said:

"Today marks an exciting new chapter for itim. Our successful IPO and admission to AIM represents a significant moment for the Company. We have enjoyed strong growth and a clear strategy to execute this growth over the coming years as traditional retailers convert to omni-channel. I am pleased to welcome our new shareholders to itim and look forward to the future with confidence."

Enquiries

itim Group Limited (to be renamed itim Group plc)

Ali Athar, Chief Executive via Hudson Sandler

WH Ireland Limited (Nominated Adviser and Sole Broker)

Harry Ansell/Fraser Marshall (Broking) 020 7220 1666

Katy Mitchell (Corporate Finance)

Jessica Cave

Darshan Patel

Hudson Sandler (Public Relations)

Dan de Belder/Alex Brennan 020 7796 4133

itim@hudsonsandler.com

Notes to editors

Background to the Company

itim was established in 1993 by its founder, and current Chief Executive Officer, Ali Athar. itim was initially formed as a consulting business, helping retailers effect operational improvement. From 1999 the Company began to expand into the provision of proprietary software solutions and by 2004 the Company was focused exclusively on digital technology. itim has grown through a series of acquisitions of small, legacy retail software systems and associated applications which itim has redeveloped to create the holistic end-to-end solution for retailers that supports omni-channel retailing through the internet.

Forward looking statements

All statements other than statements of historical fact, contained in this announcement constitute "forward looking statements". In some cases forward looking statements can be identified by terms such as "may", "intend", "might", "will", "should", "could", "would", "believe", "forecast", "anticipate", "expect", "estimate", "predict", "project", "potential", or the negative of these terms, and similar expressions. Such forward looking statements are based on assumptions and estimates and involve risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the AIM Rules for Companies, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New factors may emerge from time to time that could cause the Company's business not to develop as it expects, and it is not possible for the Company to predict all such factors. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements except as required by law.

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(END) Dow Jones Newswires

June 28, 2021 02:00 ET (06:00 GMT)

Itim (LSE:ITIM)
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