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Blockchain Worldwide PLC   -  BLOC   

Withdrawal from acquisition and update

Released 10:34 08-Feb-2019

RNS Number : 5126P
Blockchain Worldwide PLC
08 February 2019
 

8th February 2019 

 

 

BLOCKCHAIN WORLDWIDE PLC

("Blockchain" or "the Company")

 

Withdrawal from acquisition and update re suspension of shares

 

The Company has decided not to continue with the proposed acquisition of Chorum Group Limited ('Chorum') announced on 7th November 2018. Political uncertainty has seen greatly reduced levels of activity in London's equity markets and, despite many positive indications, the Company was unable to successfully complete the fundraising for the acquisition. Chorum will now seek private funding, and application will be made to the FCA for a restoration of the Company's ordinary shares to the Official List.

 

Whilst the Company will continue to seek deals within the blockchain space, it will also consider other high growth opportunities with the wider technology sector. 

 

Rodger Sargent, CEO of Blockchain said, "Chorum is a top class company but the current climate within London's small-cap equity markets is extremely challenging. Costs on the aborted deal have been minimised and Directors continue to draw no salary; Blockchain retains net cash balances of over £1m.

 

We are already actively sourcing a new deal for when the markets are more stable and receptive to the exciting, high growth opportunities we are seeking."

 

This information contains inside information.

For information please contact:

 

Blockchain Worldwide plc

www.bloc-worldwide.com

Rodger Sargent

via Walbrook PR

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or blockchainworldwide@walbrookpr.com

Paul Cornelius

Mob: 07866 384 707

Sam Allen

Mob: 07884 664 686

 

 


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Withdrawal from acquisition and update - RNS