Phil Blows has shifted from chief executive of Aquis Stock Exchange-listed AQRU PLC to CEO of its London Main Market-listed investee StreaksAI PLC, the two companies said on Tuesday.
Blows, who has been an executive director of StreaksAI since February, has been appointed CEO with immediate effect. He replaces Mark Rutledge, who steps back to non-executive director, having led StreaksAI through its initial public offering in January.
London-based StreaksAI offers an artificial intelligence-based conversational gaming product called Streaks Gaming and a social AI platform for influencers called Streaks Social.
Also London-based, AQRU is an incubator of companies offering decentralised finance, which uses blockchain technology.
AQRU on Tuesday said that as part of its effort to reduce costs, it is reducing its number of employees and streamlining its investment pipeline.
In addition to Blows’ departure, directors Digby Try and Philipp Kallerhoff also will leave the board immediately. The AQRU board now will consist of Executive Chair Mike Edwards, Chief Financial Officer Nicholas Lyth and Independent Non-Executive Director Mark Rutledge.
AQRU also will transfer its digital asset businesses, including the AQRU app and Maple Finance, to Langland Software Solutions Ltd, which is controlled by Blows. This is in exchange for a 30% stake in Langland. It will hold this stake alongside other investments, including its stakes in StreaksAI, in AQSE-listed NFT Investments PLC, and in London Carbon Exchange.
AQRU didn’t provide the size of its holding in StreaksAI. Back in December, AQRU said it invested £2.3 million in what was then called Streaks Gaming, as part of the £3 million raised by Streaks in its IPO.
StreaksAI shares were marginally lower at 2.40 pence each on Tuesday afternoon in London, giving a £9.1 million market capitalisation. AQRU was untraded at 0.12p. It has a £1.5 million market value.
Blows is a 10.6% shareholder in AQRU, according to the AQRU website.
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