1 August 2024
Quantum
Blockchain Technologies Plc
( “QBT” or
“the Company”)
Related
Party Transaction
QBT
announces that, on 7 April 2023, the
Company entered into a consultancy agreement
(the
“Agreement”)
with Infusion (2009) Ltd (“Infusion”),
a
company controlled by
QBT’s
executive chairman and chief executive officer, Francesco Gardin (“FG”), and
of which FG is a director. The Agreement commenced with effect from
1 January 2022.
Under
the Agreement,
Infusion provides QBT the services of FG as chief research officer
responsible for coordinating and leading QBT’s research and
development activities. The Agreement may be terminated by either
party providing six months’ notice and, in certain circumstances,
QBT may terminate the Agreement without notice.
The fee
payable by QBT to Infusion under the Agreement is £12,500 per month
plus an additional amount, awarded at the discretion of the board
of QBT, to reflect exceptional performance. In the years to
31 December 2022 and 2023, amounts of
€200,000 and €288,000 respectively were paid by QBT to Infusion for
the services of FG provided under the Agreement and have been
disclosed in the Company’s annual report and accounts for each of
those years.
The
entering into the Agreement by QBT is a related party transaction
under Rule 13 of the AIM Rules for Companies. With the exception of
Francesco Gardin, who is involved in
the transaction as a related party, the directors of the Company
consider, having consulted with the Company’s nominated adviser,
that the terms of the transaction are fair and reasonable insofar
as its shareholders are confirmed.
For
further information please contact:
Quantum
Blockchain Technologies Plc
Francesco Gardin, CEO and Executive
Chairman +39
335 296573
SP
Angel Corporate Finance (Nominated
Adviser & Broker)
Jeff Keating +44
(0)20 3470 0470
Leander
(Financial
PR)
Christian Taylor-Wilkinson +44
(0) 7795 168 157
About
Quantum Blockchain Technologies Plc
QBT (AIM:
QBT) is an AIM listed investment company with a strategic focus on
technology related investments, including a special regard towards
Quantum Computing, Blockchain, Cryptocurrencies and AI sectors. The
Company has an aggressive R&D and investment programme in the
dynamic world of Blockchain Technology, which includes
cryptocurrency mining and other advanced blockchain
applications.