DJ High Growth Capital PLC AGM Statement
RNS Number : 0348Z
High Growth Capital PLC
15 May 2019
15 May 2019
High Growth Capital plc
("HGC" or the "Company")
HGC provides the following statement, which is issued ahead of the Company's annual general meeting ("AGM") which is being held at 10:00 a.m. today.
The Company has made material progress over the past several months, including the appointment of an experienced executive management team led by Mark De Smedt, the Company's CEO. Mike Power recently joined as a highly qualified Non-Executive Director and we anticipate that further complementary appointments to the Company's board of directors will be made prior to the end of calendar year end 2019.
In addition, we recently increased our equity holding in Sentiance N.V. ("Sentiance") and secured an "Acquisition Option" that, if exercised, would allow the Company to obtain a majority shareholding in Sentiance.
In April, we acquired 100% of the intellectual property rights of SDG and continue to strengthen the Company's financial position, including the announcement of a conditional placing on 29 April 2019, raising net proceeds of GBP4,987,500.
We have a bold vision that the current experiential, entertainment and social media landscape will change fundamentally in the years to come. By establishing a mutually reinforcing network of proprietary global content initiatives ("Conviction Passions") enabled by innovative user-centric technology solutions ("Category Leading Technologies"), our objective is to ensure that the Company can play a crucial role in these exciting and ultimately transformative opportunities. The recent months have seen us take the first concrete steps that ensure that we can effectively implement and execute on our ambitious plan. We look forward to updating shareholders with progress on a regular basis.
Significant progress is being made at Sentiance, one of the emerging global category leaders in artificial intelligence and machine learning. Its proprietary motion intelligence and behavioral change solutions enable trusted brands to create personalised and contextualised experiences for consumers.
Since the start of the calendar year, Sentiance has added 25 new clients, a significant acceleration from 2018 client win levels. Of these new clients, 23 are Proof of Concepts and two have moved into roll out stage. These clients are predominantly in the automotive, health, insurance, banking and entertainment industries, and include Autoliv, Uber, Careem, Absa, InsureApp and Trov. Given the sensitive nature of Sentiance's client partnerships and the type of disruptive service options currently being developed, many of Sentiance's client relationships and initiatives remain at present strictly confidential.
Based on detailed client learnings to date, Sentiance anticipates that it will take approximately 24 months to move from Proof of Concept to live mass market roll outs. It is at this point in the client relationship that significant and recurring revenues will be generated for Sentiance.
We view Sentiance as the bedrock of our exciting plans going forward and it is evident good progress has been made in a short amount of time. Clearly identified risks remain and we are focused on providing the pro-active support required to achieve our mutually desired outcome.
Further information on Sentiance can be found at www.sentiance.com.
On 12 April 2019 the Company announced the SDG acquisition including of all existing and in-development Intellectual Property Rights. SDG is an innovative idea to operate an annual global blockchain raffle with around 50% of the raffle proceeds allocated to a dedicated number of high impact human/social and environmental conviction initiatives. Following the recent appointment of the Company's executive team, we anticipate that initial SDG workstreams will commence in the coming months.
We are encouraged with the overall progress and are confident that we can continue to build on our growing operational, organisational and business momentum. There remains a considerable amount of core building work to be completed and the recently appointed executive team is fully focused on delivering this.
The person who arranged for the release of this announcement on behalf of the Company is Mark De Smedt, CEO.
Mark De Smedt The Company Anne Stratford +44 (0)207 583 4055 Whitman Howard NEX Exchange Corporate Nick Lovering Adviser Christopher Furness +44 (0)207 659 1234 ---------------------- -------------------- Hilary Buchanan Alma PR Caroline Forde +44 (0)203 405 0205 ---------------------- --------------------
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(END) Dow Jones Newswires
May 15, 2019 02:02 ET (06:02 GMT)