StockMarketWire.com - Technology and software investment company KRM22 consolidated its ownership in Irisium after agreeing to acqurie the remaining 40% of shares it did not already own from Cinnober Financial Technology for a £0.55m convertible loan note.

The company had originally acquired a 60% stake in Irisium on 5 June 2018 for £1.7m.

Under the terms of the transaction, a total of £2.9m in debt, together with £0.3 of Irisium other liabilities due to the parent companies, had been converted into shares in Irisium immediately prior to the company consolidating its ownership of Irisium.

'The transaction will immediately remove £0.7m of debt and liabilities from the group's consolidated balance sheet and £1.3m of debt from the consolidated balance sheet, should the CLN is satisfied by shares, at the company's sole discretion,' KRM22 said.

'It will allow a tighter integration with the core KRM22 global risk platform accelerating the customer benefits from having one platform for market risk and market surveillance,' it added.

At 9:53am: [LON:KRM] Krm22 Plc Ord 10p share price was +1p at 50.5p



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