Quantum Blockchain Technologies Plc - Related Party Transaction
PR Newswire
LONDON, United Kingdom, August 02
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.
