Dev Clever Holdings PLC Aldebaron Partnership Update and Notice of Results (9805S)
19 Juli 2022 - 12:45PM
UK Regulatory
TIDMDEV
RNS Number : 9805S
Dev Clever Holdings PLC
19 July 2022
19 July 2022
Dev Clever Holdings plc
("Dev Clever" or the "Company")
Update re Aldebaron Partnership
and
Notice of Results
Dev Clever, a leading developer of online and immersive career
guidance, learning and development platforms, is pleased to provide
the following updates.
Update re Aldebaron Partnership
On 21 June 2021, the Company announced that it had entered into
a tactical partnership agreement with Aldebaron DMCC ("Aldebaron")
to accelerate its rollout plan in Asian territories. The
partnership included an undertaking by Aldebaron to provide Dev
Clever with minimum revenue of US$50m over the four financial years
ending 31 October 2024. This included initial revenue of US$5m for
the year ended 31 October 2021, following proof of concept.
On 28 April 2022, the Company confirmed that it was in
negotiations with Aldebaron to move the partnership agreement to a
permanent Joint Venture ("JV"). As a result of the significant
financial nature of the Aldebaron relationship and obligations, the
Company was unable to finalise the audited accounts for the year
ended 31 October 2021 until these negotiations had been
concluded.
As the JV talks progressed, it became clear that an alternative
strategy would be in the best interests of Dev Clever, as Aldebaron
required exclusive distribution rights to the Group's immersive
STEM-based learning library and the Launchmycareer.com platform to
other global territories, not just the Asian territories, as set
out within the original partnership agreement. Consequently, it has
been mutually agreed that the agreement will be terminated, subject
to completion of all obligations under the initial proof of concept
phase. This releases Aldebaron from the balance of its revenue
obligations and returns the distribution rights for the Asian
territories to Dev Clever.
The Board believes that by retaining its rights on a global
basis, and therefore maintaining its ability to enter into
individual agreements with international partners, the Company will
be able to take advantage of opportunities faster and create more
value for its shareholders. Initial discussions have commenced with
a number of potential partners in international territories.
The Company has agreed to issue Aldebaron or its nominees with
up to 37,885,931 warrants exercisable at 1p per share for a period
of 18 months from the date of issue as compensation for returning
the distribution rights for the Asian territories, subject to
fulfilment of all obligations relating to the initial proof of
concept phase. At the same time, Chris Jeffries, CEO of Dev Clever,
has agreed to forfeit his existing right to convert his outstanding
loan notes into 37,885,931 shares at 1p per share, meaning there
will be no additional dilution to existing shareholders in the
event that Aldebaron exercises the warrants in full. The other
terms of Chris Jeffries' outstanding loan notes remain unchanged,
such that, unless previously repaid, the loan notes will be
redeemed at par by the Company on 20 January 2025.
Notice of Results
Following the termination of the Aldebaron partnership
agreement, the Company is now finalising the audited accounts for
the year ended 31 October 2021 and expects to publish in August
2022.
Chris Jeffries, CEO of Dev Clever, commented: "We are pleased to
have concluded our relationship with Aldebaron to enable the
Company to maximise its global opportunities. This now gives
Veative a blank canvas to roll out our STEM-based library and the
Launchmycareer.com platform in our key initial target territories
around the world. Conversations have already commenced with a
number of potential partners across international territories, and
we will update further as sales of our suite of products continue
to grow."
-ENDS-
For further information please contact:
Dev Clever Holdings plc +44 (0) 1827 930 408
Christopher Jeffries
Chief Executive Officer and Executive Chairman
Nicholas Ydlibi
Chief Financial Officer
Novum Securities Limited - Financial Adviser
and Joint Broker +44 (0) 20 7399 9400
David Coffman / Colin Rowbury
finnCap Limited - Joint Broker +44 (0) 20 7220 0500
Jonny Franklin-Adams / Abigail Kelly / George
Dollemore (Corporate Finance)
Richard Chambers / Harriet Ward (ECM)
Buchanan Communications +44 (0) 207 466 5000
Chris Lane / Kim van Beeck / Toto Berger
Notes to Editors:
About Dev Clever
Dev Clever Holdings plc, together with its wholly owned
subsidiaries, is a software and technology group based in Stafford,
United Kingdom, specialising in the use of lightweight integrations
of cloud-based VR and gamification technologies to deliver rich
customer engagement experiences across both the education and
commercial sectors. In January 2019, Dev Clever listed on the
Standard List of the London Stock Exchange. The Group's core focus
is the development and commercialisation of its core Educate
platforms.
Dev Clever aims to reduce the global skills shortage by
delivering an enhanced careers guidance service via its online
platforms, Launchmycareer.com and Launchyourcareer.com, and virtual
reality software (Victar VR). The business has established a global
partnership with Lenovo to roll out its service worldwide, with
offerings already on the market in the UK, US, and Canada. Dev
Clever is also focused on the Indian market and has partnered with
its National Independent Schools Alliance (NISA) and content
provider Veative to provide a comprehensive service offering within
Indian budget private schools. Through this, the business has been
developing and has launched a direct-to-consumer offering in
India.
For further information, please visit
www.devcleverholdingsplc.com
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END
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