Result of Placing and Subscription

Acuity (AIM: ACRM), the software group is pleased to announce that further to its announcement made earlier today (the "Launch Announcement"), the Bookbuild has now closed and the Company has raised approximately £1 million in aggregate (before expenses) through the placing of 15,857,143 Placing Shares and a subscription of 12,714,285 Subscription Shares, each at the Issue Price (the issue price being 3.5 pence).

The Placing is subject to the conditions set out in the Launch Announcement.

Commenting, Executive Chairman, Angus Forrest said "We are pleased with the level of support shown from new and existing investors for this next stage of Acuity's development. As described in more detail below it will fund activities to build the infrastructure for faster organic growth and redevelopment of the product to give it more capabilities and connectivity as well as enabling faster growth and reduced cost of sales."

Use of Proceeds

As set out in the Launch Announcement, Following the successful reverse takeover of ARM in April 2023, the Company is now focusing on accelerating the growth of ARM by increasing the size of the sales team and increasing their marketing activities. In addition the Company is seeking to migrate STREAM® to a web product in order to improve the user experience and take advantage of modern technologies. The capabilities of STREAM® will be enhanced to:

• allow it to be used remotely with mobile devices, such as tablets and smart phones;
• simplify integrations with other software and data sources;
• enable artificial intelligence;
• allow multi-tenant hosting in order to ease management and control costs; and
• support continuous update capability and automated testing.

Accordingly, the net proceeds of the Fundraise are set out below:

• £200k: investment and expansion of the sales team
• £150k: increase of marketing activities
• £500k: new product development
• £90k: contingencies

The Subscription

The Company has been notified of the following subscriptions by directors of the Company, subject only to Admission:

In addition, Ridgecrest plc subscribed for 11,428,572 Ordinary Shares in the Subscription. Nick Clark, an Acuity director, is also a director of Ridgecrest, he has recused himself from Ridgecrest's process of investing in Acuity. On Admission, Ridgecrest plc's holding will represent approximately 7.6 per cent. of Acuity's Enlarged Share Capital.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the Placing Shares and Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will occur at 8.00 a.m. on 21 June 2024. The Placing Shares and Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Placing Shares and Subscription Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary shares.

Following Admission of the Placing Shares and Subscription Shares, the Company will have 150,128,159 Ordinary Shares in issue, of which none are held in treasury. Accordingly, the total number of voting rights in the Company will be 50,128,159 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Unless otherwise defined, all capitalised terms used but not defined in this announcement shall have the meaning as given to them in the Launch Announcement.