SETL will be focusing resources on developing and funding the establishment of the ID2S and IZNES platforms in Paris, as part of its corporate reorganisation process.
According to SETL, it has also made significant capital contributions to ID2S, the regulated Central Securities Depository (CSD).
In October last year, the platform successfully completed its Target2-Securities (T2S) connection testing and was fully approved under Central Securities Depository Regulation (CSDR).
Meanwhile, SETL is currently seeking to place its ID2S holding with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory.
In addition, in recognition of the structural complexity and the need for a neutral party to represent the interests of all the current creditors and stakeholders, the board of SETL appointed Quantuma LLP as an independent administrator.
Quantuma’s role will be to help shape the future structure, enable the company to balance its strategic infrastructure holdings and continue its software development activities on a business as usual basis.
David Walker, chairman of SETL, said: “Separating the software development business from the investment portfolio is a highly complex process, requiring expert, experienced and neutral management of the interests of all the creditors and stakeholders. The directors are all fully engaged and aligned in this approach.”
Anthony Culligan, co-founder and largest shareholder, commented: “I am absolutely satisfied that this is the most positive step for the company and will form the basis of a strong future.”
Andrew Andronikou, joint administrator and Quantuma partner, added: “This marks a significant moment for SETL and we are honoured to have been entrusted to work on behalf of the business and its investors.”
