The Board of Directors are pleased to provide a business update and progress report on the development of its EAE platform, created and supported by SBS Technology Ltd, for the enablement of private companies being accessible into worldwide capital markets via Bloomberg and other portals.
SBS Technology Ltd has successfully completed all protocol requirements for CREST enablement and is in the process of completing Custodial Delivery of the company shares. We will then seek an immediate listing on a recognised exchange of competent jurisdiction to enable full Bloomberg TOMS trading by virtue of its qualification. We are also considering multiple listings in different compliant jurisdictions as we build out the client base accessible in this new capital arena.
In line with the above, the platform will be extended to encompass International clients, providing the same efficient service and multiple listing capability throughout all accepted compatible markets.
Since launch, the EAE platform has quickly gained market attention, allowing us to forecast though our Launch Value (L.V.) program, additional assets this quarter of over £10million. Given this traction, we expect the need to revise our forecasts positively for the remainder of the year and in to the first quarter of 2023.
The joint Boards of both companies have decided on an equalisation process, reflecting the technology evolvement by splitting the resulting L.V. 75% to 25% in favour of SBS Technology Ltd going forward. This decision was made after monitoring closely the variances within the client base and the likely speed and challenges which should be rightfully managed by the full team within the company.
Both companies will continue to operate from a mandate of no debt and based on capital strength, notwithstanding they may from time to time generate additional revenue via the partial sales of some of its investment holdings.