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 theAgreement, 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.
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Quantum Blockchain Technologies Plc
Quantum Blockchain Technologies Plc - Related Party Transaction
2nd August 2024, 06:09
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