CyanConnode Holdings plc (LON:CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has announced that it has appointed Cenkos Securities plc as joint broker with immediate effect.
In addition, further to the announcements by Arden Partners Plc on 11 and 14 April 2022 regarding the loss of its nominated adviser status upon the completion of its recommended takeover, the Company has also appointed Cenkos as its nominated adviser. Given the timing of the completion of the recommended takeover of Arden Partners Plc, the Exchange has agreed that subject to initial due diligence being undertaken, Cenkos has until 5pm on 27 July 2022 to complete its full due diligence.
There can be no guarantee on the outcome of the full due diligence and its impact on Cenkos’ decision to continue to act as nominated adviser. Accordingly, in such circumstances there is a risk that if Cenkos does not continue to act as nominated adviser following completion of its full due diligence and the Company has not found an alternative nominated adviser, the Company’s AIM securities may be suspended pursuant to AIM Rule 1. If within one month of that suspension, the Company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.
Notwithstanding the extension of time provided in respect of completing full due diligence obligations at engagement, Cenkos will continue to be subject to all the ongoing nominated adviser responsibilities under the AIM Rules for Nominated Advisers.
CyanConnode (LON: CYAN), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode’s RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.