2 December 2024
GSTechnologies
Limited
("GST" or
the "Company" or the "Group")
Issue of Semnet Consideration
Shares
GSTechnologies Limited (LSE: GST),
the fintech focused company, announces, further to the Company's
announcement on 29 February 2024 that it had completed the
acquisition of 66.67% of the issued share capital of Semnet Pte Ltd
("Semnet"), that the outstanding US$1 million of the consideration
for 66.67% of Semnet, to be paid through the issue of ordinary
shares of no par value in the Company ("Ordinary Shares") on the
nine month anniversary of completion, will be satisfied through the
provision of 58,844,713 Ordinary Shares (the "Consideration
Shares"). The 58,844,713 Consideration Shares will be
allocated from the 60,000,000 Ordinary Shares currently held by the
Company in treasury ("Allocation").
The Consideration Shares will be
issued at a price of 1.34 pence per Ordinary Share, which is equal
to the average of the middle market quotation for an Ordinary Share
as shown by the daily Official List of the London Stock Exchange
for the last five full trading days immediately preceding the
payment date.
As announced on 15 October 2024,
with a further update on 19 November 2024, GST is working with
Trident Global Capital Pte Ltd, on strategic preparations for a
potential listing of Semnet on NASDAQ in the US.
Following the Allocation, the issued
share capital of the Company is 2,034,269,896 Ordinary Shares, each
share carrying the right to one vote, of which 1,155,287 are held
in treasury. Therefore, the Company's total number of Ordinary
Shares and voting rights will be 1,974,269,896 and this figure may
be used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Enquiries:
The Company
Tone Goh, Executive
Chairman
+65 6444 2988
Financial
Adviser
First Sentinel Corporate
Finance
+44 (0)20 3855 5551
Brian Stockbridge / Gabrielle
Cordeiro
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor
Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring /
Florence Chandler
+44 20 (0) 3934 6630