SETL, the London-based institutional payment and settlement infrastructure provider using blockchain technology, has completed a corporate restructuring programme.
In March, the previous entity SETL Development, announced that it has appointed Quantuma LLP as its administrators.
The newly-formed SETL has acquired the operating assets, the staff and intellectual property rights of SETL Development.
SETL has reached an agreement with all its major clients to continue its support and development activities and expects to push ahead now with a number of core initiatives.
SETL has restructured its balance sheet and simplified its business model. As part of the restructure, SETL will now offer blockchain-based solutions across a broad range of commercial cases in partnership with existing financial service providers and will continue to support infrastructures powered by SETL blockchain.
Under the direction of its CEO, Philippe Morel, who joined in 2018, SETL has restructured its cost-base, refocused its operations in its London and Ipswich development centre and now expects “to deliver robust financial performance for its shareholders”.
Sir David Walker, ex-chairman of Barclays, has been appointed chairman of SETL, while Christian Noyer, honorary governor of the Banque de France, has been appointed as lead independent director.
The newly restructured firm also welcomes Professor Philip Bond to the board, who previously headed SETL's cryptography and cybersecurity committee and will now lead those activities from the board.
SETL shareholders and executive directors are Anthony Culligan (chief engineer), Peter Randall (president), Nick Pennington (CTO) and Katherine Kennedy (general counsel).
Commenting on the restructure, Walker said: “The objectives of the appointment of Quantuma LLP by the Board were twofold. Firstly, to act as a neutral party to represent the interests of all its creditors and stakeholders. Secondly, to help shape the future structure to enable the firm to balance its strategic infrastructure holdings and continue its software development activities. I am delighted to report that both objectives have been achieved and well within the target timeframe.”
Morel added: “We wanted to act quickly, decisively and to reorganise with the best guidance and support possible. Our administrators, board members, management and teams have all pulled together to get us in the best possible shape as quickly as possible.”
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