Acuity Risk Management Limited agreed to acquire Drumz plc (AIM:DRUM) for £3.6 million in reverse merger transaction on April 5, 2023. The Consideration will be satisfied by the payment of £0.5 million in cash and the issue of 45.7 million New Ordinary Shares. The proposed consolidation of every 2,000 Existing Ordinary Shares into one Consolidated Ordinary Share. The proposed sub-division of each Consolidated Ordinary Share into 200 New Ordinary Shares and 1,800 New Deferred Shares. On Admission the Board will comprise Simon Bennett as Independent Non-Executive Chairman, Angus Forrest as Chief Executive Officer, Simon Marvell as Executive Director, Nick Clark as Non-Executive Director, John Wakefield as Independent Non-Executive Director. Simon Marvell will retire as a Director during the course of 2023 at which time it is anticipated Kerry Chambers will be appointed to the Board. The Company has agreed to issue Adviser Warrants on Admission over an aggregate of 2.15 million New Ordinary Shares to Peterhouse and Clear Capital. The deal is expected to close on April 25, 2023. WH Ireland Limited acted as financial advisor for Drumz.

Acuity Risk Management Limited completed the acquisition of Drumz plc (AIM:DRUM) in reverse merger transaction on April 25, 2023.