KRM22 PLC (AIM:KRM) Chairman and CEO Keith Todd tells Proactive that 7RIDGE Investments is to invest £4.7M into the company, while conditionally agreeing to subscribe for up to 8.9M KRM22 shares at 53p a pop. The subscription agreement is conditional on the negotiation and execution of a distribution agreement between KRM22 and Trading Technologies International (TT), a company that 7RIDGE has conditionally agreed to acquire.
Keith Todd will give up the role of CEO of KRM22 to become CEO of TT, although he will remain the executive chairman of KRM22. Stephen Casner, president of KRM22, is lined up to become the new CEO of KRM22.
In an update on current trading, KRM22 said trading in the second half of the fiscal year had been similar to the first half, with the company expecting similar levels or revenue and underlying earnings (EBITDA); as such, this would represent a performance below current expectations.