appScatter Group PLC Expected Delay in Publication of Annual Results (7204D)

TIDMAPPS

RNS Number : 7204D

appScatter Group PLC

27 June 2019

appScatter Group PLC

("appScatter" or the "Company")

Expected Delay in Publication of Annual Results

appScatter Group plc (AIM: APPS), the app management and data intelligence platform, announces that the Company does not now expect to release its audited results for the period ended 31 December 2018 by 30 June 2019 (the "Accounts"), as required under the AIM Rules for Companies.

The delay follows an agreement between the Company's management and the Auditors to commission an up to date independent valuation of Priori Data GmbH ("Priori") to support its proposed carrying value.

At the time of the acquisition of Priori in July 2018, the intellectual property and data assets in the business were not included in the valuation and, as the data forms an integral part of Priori, management believe a new independent valuation is required in order to ensure that the fair value of Priori is accurately reflected within the Accounts.

The board continues to work with its auditors with a view to publication of the 2018 financial statements as soon as possible, however the auditors will now not be in a position to provide an opinion on the financial statements until the independent valuation has been completed.

The Company's shares are already suspended from trading on AIM pending the publication of an Admission Document in relation to the Proposed Acquisition of Airpush Inc. ("Airpush"). The Company now plans to publish an Admission Document in relation to the Proposed Acquisition by the end of September 2019 with the expected resumption of trading in the Company's shares.

Background

Priori Data

The Company completed the acquisition of Berlin-based Priori Data on 3 July 2018 for the total consideration of GBP13.5 million. Priori was a strategic acquisition due to the IP surrounding its mobile app, market intelligence and audience data on the Apple and Google Play app stores. This functionality has been integrated into the company's new single end to end platform, which is expected to be launched in Q3 2019.

Airpush

The Proposed Acquisition is due to complete in September 2019 and will be funded by the issue of further new Ordinary Shares in appScatter, subject to approval by appScatter shareholders in a general meeting of the Company. The Proposed Acquisition has been deemed a reverse takeover under the AIM Rules.

Airpush has 125 employees and consultants located across the US, China and Europe with a group turnover of $15 million (2018). Airpush is a well-established business with multiple OEM contracts using its over the air technology, reaching 250 million mobile devices, increasing at a rate of 7 million new devices each month. New data sources will include app data from 850 million active users and 250 million devices, complementing the current 11 million apps tracked daily and audience data from 3.5 billion devices.

Once completed, the Proposed Acquisition will expand the Company's product suite by adding AI targeted revenue generating services on mobile platforms; e-commerce revenue share partnerships; and an improved security portfolio with detection and monetisation of pirated installs.

The merger will provide the enlarged Group the opportunity to sell its entire product suite to a combined 600,000 registered developers and publishers, whilst increasing revenue and profit margins.

For enquiries, please contact:

 
appScatter Group plc                            Tel: +44 (0)20 8004 
 Philip Marcella, Chief Executive Officer        7212 
                                                 www.appscatter.com 
finnCap Ltd                                     Tel: +44 (0)20 7220 
 Nominated Adviser and Broker                    0500 
 Jonny Franklin-Adams / Hannah Boros             www.finncap.com 
 Corporate Broking- Alice Lane 
IFC Advisory Limited                            Tel: +44 (0)20 7934 
 PR/IR                                           6630 
 Graham Herring / Heather Armstrong / Florence   www.ifcadvisory.co.uk 
 Chandler

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June 27, 2019 12:00 ET (16:00 GMT)

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