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Catenae Innovation #CTEA – Posting of Report and Accounts and Notice of Annual General Meeting

The Company announces its audited annual report and accounts for the year to 30 September 2018 has been posted to shareholders.

Furthermore, the Company has posted a Notice of Annual General Meeting (“AGM”) to shareholders. The AGM will be held at the offices of WeWork, 1 Primrose Street, London EC2A 2EX, at 11.00 am on Friday 1st February 2019.

For further information:

Catenae Innovation Plc

Tony Sanders

Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser

Liam Murray / Jo Turner

 

Tel: 020 7213 0880

 

Alexander David Securities Limited, Broker

David Scott / James Dewhurst

 

Tel: 020 7448 9820

 

Catenae Innovation #CTEA – Final Results

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces its final results for the year ended 30 September 2018.

Key points

  • Creation of Blockchain Intellectual Property within Trust in Media for copyright protection
  • Launch of Sequestrum – a digital repository system utilising blockchain
  • Aston Villa successfully completed proof of concept exercise
  • Southend United Football Club sign agreement post year-end
  • Costs greatly reduced and five-fold revenue increase

The independent auditor’s report for the year ended 30 September 2018 contains a material uncertainty paragraph in respect of going concern. An extract taken from the text of the auditor’s opinion is set out below in part 1 of the notes to this announcement.

Anthony Sanders, Chief Executive and Chairman, commented:
“The past 12 months have seen a transformation within the business as the revised strategic plan, which commenced in September 2017, has been implemented. The new management structure is in place and the streamlining of the business units has been completed resulting in a drastic reduction in the cost base of the business. The management are also pleased to see a five-fold increase in revenue year on year, the vast majority of this as new products were rolled out in the second half of the year. The Company is now firmly focussed on translating this interest in the product set to sustainable revenues.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Anthony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner

Tel: 020 7213 0880

 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

 

Tel: 020 7448 9820

CHAIRMAN’S STATEMENT

Business Progression

The past 12 months have seen a transformation within the business as the revised strategic plan, which commenced in September 2017, has been implemented. This was formalised in March 2018 with the change of name from Milestone Group Plc to Catenae Innovation Plc. The new management structure is in place and the streamlining of the business units has been completed with the inherent reduction in head count. This has resulted in a drastic reduction in the cost base of the business; where there were extra costs for these changes, these have been included within the 2018 accounts.

As the new product areas discussed below have come on stream, one of the key business metrics for the management team is the value of the associated invoices. The management are pleased to see a five-fold increase in revenue year on year (2018: £157,218, 2017: £24,040 on a like for like basis), the vast majority of this as new products were rolled out in the second half of the year.

In March 2018, the Company created a joint venture company, Trust in Media, through the disposal of some shares in Oil Productions Ltd T/A Relative and a rebranding of that entity. Catenae retain 50.5% of the ownership. Trust in Media has since focused on offering technical innovation within the media sector.

Since its formation, Trust in Media has created intellectual property in respect of blockchain technology for use by its own clients as well as licenced to Catenae, where it is embedded into Catenae’s products. Trust in Media has carried out a trial of the Digital Asset Registration tracking technology that it developed. This has now been accepted to sit within the operations of a service provider in the image-licensing sector and is subject to commercial discussion post period. In addition, Catenae has launched two new products, Sequestrum, the Company’s first blockchain application which is a universal digital asset repository and tracking system utilising the Trust in Media intellectual property and OnSite, a Management and Inspection application developed for the construction sector. The revised products also introduce a revised revenue model combining multi-year annuity contracts with per event transactional revenues. Both Sequestrum and OnSite have been trialled in successful pilot projects with potential clients; these are now subject to commercial negotiation.

Sequestrum forms the basis of the Company’s technical strategy. It has been embedded within the legacy products, OnSide and OnGuard, and is integral to OnSite. This development augments their compliance capability of the products by offering the ability to store immutable reports and proof of work functions to their legacy GDPR credentials.

Post period end the Company signed the first commercial agreement for its blockchain technology in the form of its Sequestrum-enabled version of OnGuard. This achieves revenue through a combined annuity licence and transactional fee structure.

This period has seen the each of our existing clients renewing or extending their annuity contracts, new customers signing up for pilot projects and the development of products. The Board has now implemented the new strategy for the business, ensuring that costs are greatly reduced and that all product lines have a commercial focus.

In the meantime, with the advent of the new GDPR rules Catenae’s Mobile Business Solutions products are going from strength to strength. The OnGuard product, targeted at companies with remote workforce, has seen its existing contracts both renew and expand into providing additional services. The OnSide product, which focuses on the sports coaching industry, has also seen its existing contract being renewed with Charlton Athletic, but has had increased interest from a number of football clubs and has recently signed Southend United. Aston Villa also completed a successful pilot within its community foundation. The Company are also in discussion with other football clubs and have recently commenced discussions within Premiership Rugby.

Working capital, fund raisings and other matters

During the year, the Company issued 299,833,335 new ordinary shares for a total consideration of £509,500, of which £356,500 was received in cash during the year and £153,000 was in exchange for goods and services. Since the year-end, the Company has issued 500,000,000 new ordinary shares for a total consideration of £600,000 of which £25,000 cash was received in the current year (held within shares to be issued reserve at the year-end), £167,245 was in exchange for goods and services (agreed during the year and also held within shares to be issued), £395,000 cash received post year-end and £12,755 was in exchange for goods and services post year-end.

The Company continues to carefully manage its working capital position and will need to raise further monies through subscriptions for new shares in the short term while the efforts from last year bring about the creation of new revenue lines. The Company remains firmly focused on generating revenue through developing its activities. Protecting the interest of the Company’s shareholders is a priority and the Board’s strategy is to seek to raise funds on a basis that is fair to all.

Results for the year

The Company had a net loss for the year of £1,106,788 (2017: £2,262,319), showing real improvement in the management of costs, and revenues of £157,218 (2017: £28,795), of which £nil (2017: £4,755) relates to discontinued operations. The Company has a statement of financial position at the year-end showing net liabilities of £891,929 (2017: £552,280).

These results are presented under European Union Adopted International Financial Reporting Standards (“EU Adopted IFRS”). 

Conclusion

The Board saw the restructuring of the business as critical to delivering the new business strategy and became the primary focus for much of the year. The period saw the commencement of the recovery for the business with the introduction of the new product set and the Board are pleased to see that the revised products areas are attracting both interest and revenues. The Company is now firmly focussed on translating this interest in the product set to sustainable revenues.

Anthony Sanders
Chief Executive Officer and Chairman
28 December 2018

Statement of comprehensive income for the year ended 30 September 2018

2018 2017
£ £
Revenue 157,218 24,040
   
Cost of sales (1,964 )
   
Gross profit 157,218 22,076
   
Realised gain on disposal 1
Administrative expenses (1,282,027 ) (2,266,777 )
(1,282,027 ) (2,266,776 )
Loss from operations (1,124,809 ) (2,244,700 )
Net finance expense (2,460 ) (1,486 )
Loss before taxation (1,127,269 ) (2,246,186 )
Taxation credit 20,481
Loss from continuing operations (1,106,788 ) (2,246,186 )
     
(Loss) from discontinued operations net of tax (16,133 )
Total comprehensive loss for the year (1,106,788 ) (2,262,319 )
                                                                             

 

   
Basic and diluted loss per share (pence) (0.06 ) (0.20 )

 

Statement of financial position at 30 September 2018                               Company No: 04689130

2018 2017
£ £
Non-current assets    
Intangible assets 1 1
Investments 10
11 1
Current assets
Trade and other receivables 48,864 77,137
Cash and other equivalents 49,105 749,818
97,969 826,955
Current liabilities
Trade and other payables (674,247 ) (1,086,209 )
Interest bearing loans (315,662 ) (293,027 )
(989,909 ) (1,379,236 )
     
Net (liabilities) (891,929 ) (552,280 )
Capital and reserves  
Share capital 2,078,601 1,778,768
Share premium account 16,999,644 17,954,376
Shares to be issued 187,245
Share reserve (83,333 ) (1,250,000 )
Merger reserve 11,119,585 11,119,585
Capital redemption reserve 2,732,904 2,732,904
Retained losses (33,926,575 ) (32,887,913 )
Shareholders’ funds (891,929 ) (552,280 )

Statement of cash flows for the year ended 30 September 2018

Cash flow from operating activities 2018 2017
  £ £
     
Loss for the year (1,106,788 ) (2,262,319 )
Adjustments for:
Amortisation of intangible assets
Net bank and other interest charges 2,460 1,486
Services settled by the issue of shares 317,513 45,326
Issue of share options and warrants charge 68,126 68,581  
 Net cash outflow before changes in working capital  

(718,689

)

 

(2,146,926

)

     
Decrease in trade and other receivables 28,272 74,362
(Decrease) / Increase in trade and other payables (411,961 ) 25,810
Cash outflow from operations (1,102,378 ) (2,046,754 )
     
Interest received 15 14
Interest paid (2,475 )
Net cash flows from operating activities (1,104,838 ) (2,046,740 )
     
Investing activities    
Investment in joint venture (10 )
 

Net cash flows from investing activities

(10

)

     
Financing activities    
Issue of ordinary share capital 381,500 2,516,220
Repayment of loan (375,090 ) (155,000 )
New loans raised 397,725 312,500
Net cash flows from financing activities 404,135 2,673,720
     
     
Net (decrease) / increase in cash (700,713 ) 626,980
Cash and cash equivalents at beginning of year 749,818 122,838
Cash and cash equivalents at end of year 49,105 749,818

 

Statement of changes in equity for the year ended 30 September 2018

Share Capital Share Premium Shares to be issued Other Reserves Retained Earnings Total Equity
£ £ £ £ £ £
Balance at 30 Sept 2018  

783,998

 

15,073,350

 

63,081

 

13,852,489

 

(30,694,175

)

 

(921,257

)

Loss for the year        – (2,262,319 ) (2,262,319 )
Share capital issued 994,770 2,881,026 (63,081 ) (1,250,000 ) 2,562,715
Share options charge 68,581 68,581
Balance at 30 Sept 2017  

1,778,768

 

17,954,376

 

 

12,602,489

 

(32,887,913

)

 

(552,280

)

           
Loss for the year (1,106,788 ) (1,106,788 )
Conclusion of defaulting shares issue (1,166,667 ) 1,166,667
Share issue agreed in advance 187,245 187,245
Share capital issued 299,833 211,935 511,768
Share options charge 68,126 68,126
           
Balance at 30 Sept 2018

2,078,601

 

16,999,644

 

187,245

 

13,769,156

 

(33,926,575

)

 

(891,929

)

Notes to the financial information

1. Basis of preparation

Catenae Innovation Plc is a company registered and resident in England and Wales.

The financial information set out in this announcement does not constitute the Company’s statutory accounts, as defined in Section 435 of the Companies Act 2006, for the years ended 30 September 2018 or 30 September 2017, but is derived from the 2018 Annual Report. Statutory accounts for 2017 have been delivered to the Registrar of Companies and those of 2018 will be delivered in due course.

The statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity (above) and associated notes are extracts from the financial statements and do not constitute the Company’s statutory accounts.

Statutory accounts for the year to 30 September 2017 and 30 September 2018 have been reported on by the Independent Auditors.

The financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the EU (“EU Adopted IFRSs”).

The Independent Auditor’s Report on the Annual Report and Financial Statements for 2017 and for 2018 was unqualified, but did draw attention to matters by way of emphasis relating to the basis of preparation, which is reproduced below and was substantively similar for both years.

In forming the Auditor’s opinion on the financial statements, which is not modified, the Auditor’s have considered the adequacy of the disclosure made in note 1 to the financial statements concerning the Company’s ability to continue as a going concern. “The going concern status of the company is dependent upon the management of the timing of settlement of its liabilities and the raising of further funds in the immediate to short term and thereafter on the forecast profitability of key projects which have recently commenced and for which the degree of success cannot yet be reliably demonstrated.

Forecasts prepared by management indicate that if they are unable to manage the company’s liabilities as planned or the external fundraising does not occur in the immediate term and, subsequently, the future projects do not prove as profitable as forecast the company would have an immediate requirement to seek alternative sources of funding. As stated in note 1, these conditions indicate that a material uncertainty exists which casts significant doubt on the company’s ability to continue as a going concern.”

The basis of preparation is reproduced below.

Going concern

The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman’s statement and below. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the financial statements. In addition, note 16 to the financial statements includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and exposures to credit risk and liquidity risk.

The net liability position as at 30 September 2018, being the Company’s financial year-end, was £891,929 (2017: £552,280). Subsequent to the reporting date, the Board has been able to agree funding in the form of further share issues raising £524,945 in cash and clearing £75,055 worth of creditors through share issue. The funding received to date will go part way to cover year-end liabilities, and the Company will be dependent upon future funding and revenues to meet the remaining obligations, as discussed below.

The Company continues to be reliant upon its continuing ability to manage the timing of settlement both of its current liabilities and future liabilities as they arise. There is also a need for successful on-going equity fundraises and / or loans in the immediate to short term thereafter, while sales plans and projections come into effect, especially in relation to revenues generated from existing and new products. The Board has prepared forecasts to reflect the revenues expected to be generated by the Company. The Company is fully focused on ensuring that sales plans are followed to ensure that the business becomes self-sustaining in the near future.

The Directors have concluded that the need to generate future funds from further fundraising and from trading activities to satisfy the settlement of its on-going and future liabilities represents a material uncertainty, which may cast significant doubt upon the Company’s ability to continue as a going concern. Nevertheless, after making enquiries and considering this uncertainty and the measures that can be taken to mitigate the uncertainty, the Directors have a reasonable expectation that the Company will have adequate resources to continue in existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the annual report and accounts. The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.

2. Loss per share

The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and interest, on the assumed conversion of all other dilutive options and other potential ordinary shares.

There were 162,191,116 share options and 432,764,797 share warrants outstanding at the year-end (2017: 163,213,116 and 248,431,460). However, the figures for 2018 and 2017 have not been adjusted to reflect conversion of these share options, as the effects would be anti-dilutive.

    2018     2017
  Weighted     Weighted  
  average Per share   average Per share
Loss number of amount Loss number of amount
£ shares Pence £ shares Pence
Basic and diluted loss per share attributable to shareholders (1,106,788 ) 1,905,297,999 (0.06 ) (2,262,319 ) 1,115,347,198 (0.20 )

3. Posting of Accounts

The Reports and Accounts of Catenae Innovation Plc, including the Notice of Annual General Meeting will be posted to shareholders shortly.

Brand CEO Alan Green talks Europa Metals #EUZ, Catenae Innovation #CTEA, iEnergiser #IBPO & Salt Lake Potash #SO4 on Vox Markets podcast

Brand CEO Alan Green CEO of Brand Communications discusses Europa Metals (EUZ), Catenae Innovation (CTEA), iEnergiser (IBPO) & Salt Lake Potash (SO4) with Justin Waite on the Vox Markets podcast. Interview is 29 minutes 22 seconds in.

Share Prophets: Catenae Innovation (CTEA) – first blockchain contract & product updates, remains a buy

Catenae Innovation (CTEA) has announced a first contract for a solution utilising its blockchain technology and updated on its such technology and announced a product launch…

The contract is with a UK-based security company and a customer since 2013, STM Security UK Ltd. It is for OnGuard Plus,“with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository providing auditable proof of both the existence of the report as well as its original content”.

Sequestrum is Catenae’s Distributed Ledger technology digital repository – for which it has recently completed final testing on the ‘Hyper Ledger Blockchain platform’. It noting this “opens up the opportunity for Sequestrum to be run on the client’s choice of Blockchain platform, significantly broadening its potential application”. The product launch is OnSite – a management and inspection platform… developed specifically for the construction industry”. It is added “the integration of Sequestrum ensures that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised timestamping as meta data for full auditability”.

On the contract, it is stated “revenue is generated via an annual ‘in advance’ licence fee as well as a transaction fee on a ‘per report’ basis”, though there’s no financial specifics. However, it is added “we hope to make further announcements on further commercial agreements in the near future”– and there is clear positive operational momentum here.

However, the shares are still only slightly ahead of our prior update – and meaning a market cap of still only circa £3 million. With the suggested operational progress indeed looking to be following the financial strengthening, we continue to consider a share price around 0.20p a realistic target – and our stance remains buy.


HotStockRockets Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Catenae Innovation #CTEA – Contract and Product Update

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces it has signed its first contract for a solution utilising its blockchain technology. This agreement is with STM Security UK Ltd (“STM”) who have been customers of the Company since 2013. STM is a UK based security company and a supplier of manned security solutions and customer service staff, providing professional, trained and licensed personnel throughout the UK.

Under the terms of the contract Catenae will supply STM with OnGuard Plus, a business management solution which was specifically developed for the security industry. It utilises mobile and cloud technologies to support the administrative, operational and financial functions of the manned guarding sector. The integration of Catenae’s Sequestrum distributed ledger technology provides clients with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository providing auditable proof of both the existence of the report as well as its original content. Revenue is generated via an annual ‘in advance’ licence fee as well as a transaction fee on a ‘per report’ basis.

Sequestrum Update – Catenae has recently completed final testing of Sequestrum, Catenae’s Distributed Ledger technology digital repository running on the Hyper Ledger Blockchain platform. This recent technical development opens up the opportunity for Sequestrum to be run on the client’s choice of Blockchain platform, significantly broadening its potential application.

OnSite – The Company announces the launch of its management and inspection platform – OnSite. This product has been developed specifically for the construction industry. The product provides the ability for companies to manage and schedule their workforce and provides a universal inspection and reporting tool that can be adapted to meet the regulatory reporting standards for this industry. The integration of Sequestrum ensures that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised timestamping as meta data for full auditability.

We hope to make further announcements on further commercial agreements in the near future.

 This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

 

Catenae Innovation PLC
Tony Sanders

Tel: 020 7929 7826

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner
Tel: 020 7213 0880
 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

Tel: 020 7448 9820

Catenae Innovation Plc #CTEA – Update on Miton Group Plc shareholding

Catenae (AIM: CTEA), the AIM-quoted provider of digital media and technology, announces that further to the Holding(s) in Company announcement published on 8 November 2018 it has received a notification from Miton UK Microcap Trust PLC detailing their holding as part of the 300,000,000 ordinary shares held by Miton Group PLC.  Details of which are set out below:-

Holder Number of ordinary shares
Miton UK Microcap Trust plc on behalf of BNY (OCS) Nominees Limited. 247,759,587 (9.61%)
MI Select Managers UK Equity Fund 52,240,413 (2.02%)
Total 300,000,000

The Company’s AIM Rule 26 website will shortly be updated to reflect the above information.

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner
Tel: 020 7213 0880
Alexander David Securities Limited, Broker
David Scott / James Dewhurst
Tel: 020 7448 9820

Catenae Innovation #CTEA – Miton Group now hold 11.63% of the company share capital

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: CATENAE INNOVATION PLC
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights X
Other (please specify)iii:
3. Details of person subject to the notification obligationiv
Name MITON GROUP PLC
City and country of registered office (if applicable) LONDON, ENGLAND
4. Full name of shareholder(s) (if different from 3.)v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi: 07/11/2018
6. Date on which issuer notified (DD/MM/YYYY): 07/11/2018
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B) Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 11.63 % 11.63 % 2,578,601,652
Position of previous notification (if
applicable)
N/A N/A
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)
Number of voting rightsix % of voting rights
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB0033127910 300,000,000 11.63 %
SUBTOTAL 8. A 300,000,000 11.63 %
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is 
exercised/converted.
% of voting rights
SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period 
xi
Physical or cash 
settlementxii
Number of voting rights % of voting rights
  SUBTOTAL 8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
X
Namexv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
MITON UK MICROCAP TRUST PLC 9.61 % 11.63 %
MI SELECT MANAGERS UK EQUITY FUND 2.02 % 11.63 %
 
10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional informationxvi
COMPLIANCE ANALYST

GEORGINA THOMAS

0203 714 1478

Place of completion LONDON, ENGLAND
Date of completion 07/11/2018

Catenae Innovation #CTEA – Director Guy Meyer shareholding now 3.7%

Catenae Innovation Plc: Holding(s) in Company

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: CATENAE INNOVATION PLC
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)iii:
3. Details of person subject to the notification obligationiv
Name EDWARD GUY MEYER
City and country of registered office (if applicable) LONDON, ENGLAND
4. Full name of shareholder(s) (if different from 3.)v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi: 07/11/2018
6. Date on which issuer notified (DD/MM/YYYY): 07/11/2018
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B) Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 3.70 % 3.70 % 2,578,601,652
Position of previous notification (if
applicable)
N/A N/A
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)
Number of voting rightsix % of voting rights
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB0033127910  83,333,334 12,124,958 3.23 % 0.47 %
SUBTOTAL 8. A 95,458,292 3.70 %
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is 
exercised/converted.
% of voting rights
SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period 
xi
Physical or cash 
settlementxii
Number of voting rights % of voting rights
  SUBTOTAL 8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii X
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
Namexv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
 
10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional informationxvi
Place of completion LONDON, ENGLAND
Date of completion 07/11/2018

Alan Green CEO of Brand Communications talks about: Regal Petroleum #RPT Bluefield Solar Income Fund #BSIF Sativa Investments #SATI Catennae Innovation #CTEA IMC Exploration #IMCP

Alan Green CEO of Brand Communications talks about: Regal Petroleum #RPT Bluefield Solar Income Fund #BSIF Sativa Investments #SATI Catennae Innovation #CTEA IMC Exploration #IMCP with Justin Waite on the Vox Podcast

Align Research: Catenae Innovation (CTEA) Strategic turnaround provides exposure to high value, high growth, blockchain driven products

Catenae Innovation, formerly Milestone Group, is an AIM listed media and technology group which has recently completed a major restructuring under a new senior management team. The refocused strategy concentrates on the areas of media and fintech, delivered via a portfolio of synergous products, via subsidiaries and partnerships which take advantage of blockchain and distributed ledger technology.

View the original report here

  • Strategic change focusses on high growth blockchain driven industries

    In September last year Catenae commenced a major restructuring under interim CEO Tony Sanders. Along with the cessation of its previous social activities, several contracts in the fintech area deemed unable to deliver satisfactory results were also terminated. The new strategy concentrates on the areas of media and fintech, with the company set to launch a suite of products which use blockchain technology in the coming months.

  • Joint venture with music industry veteran leads new approach

    In March 2018, Catenae signed a joint-venture agreement with a company majority owned by music and technology industry specialist Martin Heath. The JV, named Trust in Media, will produce payment processing and intellectual property solutions, initially within the media industry, using a combination of private and public blockchain technologies.

  • Fintech division provides further opportunities

    Catenae is also launching a range of virtual banking and KYC/AML products. Since the company’s review and subsequent cancellation of an agreement with Nasdaq listed Black Cactus Global, Catenae has identified alternative partners to ensure it can provide solutions in this area on a best of breed approach.

  • Valuation suggests 107% upside

    On a near term EV/EBITDA valuation basis we set an initial target price of 0.28p per share, in excess of X2 the current share price. Recent management stock conversions of accrued fees at a premium to the current stock price underpins further our confidence in prospects for the immediate term. We therefore initiate coverage with a stance of Conviction Buy.

  • RISK WARNING & DISCLAIMER

    Catenae Innovation is a research client of Align Research. Align Research & a Director of Align Research own shares in Catenae Innovation. For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

View the full research note here

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