IN BRIEF: Valereum names new CEO as moves on from DMC investment deal

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Valereum PLC - Manchester, England-based technology for trading of tokenised assets - Names Gary Cottle as chief executive officer, effective immediately. Last week, Cottle had moved to executive director from non-executive director, amid a series of board changes made in response to the collapse in April of an agreement for a £19 million investment by DMC Markets Inc. Former CEO Nick Cowan had exited in that shake-up. Chair James Formolli says Valereum now will focus on ‘global growth and recruitment of institutional tier-1 personnel’.

Last week Formolli commented: ‘It became abundantly clear during the negotiations to conclude the DMC deal that we were ’underselling’ the business. DMC was given a deadline and they failed to deliver on their obligation. Fortunately for us, it has played out in our favour.’ Formolli cited three recent investments, including in Fideum Group Ltd, announced on Tuesday.

Current stock price: 3.90 pence

12-month change: down 4.9%

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