TIDMLSAI
RNS Number : 6769D
Location Sciences Group PLC
30 October 2020
30 October 2020
Location Sciences Group PLC
("Location Sciences" or the "Company")
Issue of shares to directors in lieu of fees and
change to Total Voting Rights
Location Sciences Group PLC, (AIM: LSAI), the leading location
verification company, announces the issue of a total of 16,969,098
new ordinary shares of 0.1p each in the Company ("New Ordinary
Shares") to a number of directors as payment for fees owed for
certain periods since 1 February 2020 totalling GBP81,451.67
further details of which are set out below. The New Ordinary Shares
are being issued at a price of 0.48p per share, a 6.7 per cent.
premium to the closing mid-market share price on 29 October
2020.
As previously announced, following the onset of Covid-19, the
Board took swift cost reduction measures to mitigate the impact of
the downturn in revenues. These included reductions in cash fees
payable to certain non-executive directors for the period from 1
February 2020 until the end of December 2020 totalling
approximately GBP35,789. These directors have now agreed to take
payment of these cash fees via the issue of 7,456,202 New Ordinary
Shares. In addition, the appointment terms of certain non-executive
directors include the ability for the Company to issue ordinary
shares to these directors for their services in lieu of cash fees
payable. The Company has therefore decided to pay these
non-executive directors via the issue of 9,512,896 New Ordinary
Shares for the period from 1 May 2020 until the end of December
2020 with a value as at the date of issue of approximately
GBP45,661.
Given the current highly uncertain economic climate and the
Company's limited cash resources, settling these accrued director
fees in ordinary shares is considered appropriate and in the
interests of the Company and its shareholders.
The New Ordinary Shares being issued to the directors of the
Company and their resulting interests in the Company's ordinary
shares are set out below:
Director Role N o. of Interest in Percentage
New Ordinary Ordinary Shares of issued
Shares upon Admission share capital
issued upon Admission
N on-executive
Kelvin Harrison C hairman 2,343,750 3,010,416 0.51%
---------------- -------------- ----------------- ----------------
Non-executive
Benjamin Chilcott director 2,291,667 2,291,667 0.39%
---------------- -------------- ----------------- ----------------
Non-executive
Niall Hogan director 5,000,000 6,263,158 1.07%
---------------- -------------- ----------------- ----------------
Non-executive
Donnie Williams director 7,333,681 8,277,078 1.41%
---------------- -------------- ----------------- ----------------
Application will be made for the New Ordinary Shares to be
admitted to trading on AIM and it is expected that admission will
take place on or around 4 November 2020 ("Admission"). The New
Ordinary Shares will represent approximately 2.89% of the Company's
issued ordinary share capital following their issue and will rank
pari passu in all respects with the Company's existing ordinary
shares.
Total Voting Rights
Upon Admission, the issued share capital of the Company will
consist of 587,337,398 ordinary shares of 0.1p each . The Company
does not hold any shares in treasury. Therefore, the total number
of voting rights in the Company from Admission will be 587,337,398.
This figure may be used by shareholders as the denominator for the
calculations by which they 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.
Further details and the information required in accordance with
the requirements of Article 19(3) of the EU Market Abuse Regulation
No 596/2014 are set out at the end of this announcement.
For further information please contact:
Location Sciences Group PLC via Milk & Honey PR
Mark Slade, Chief Executive Officer
David Rae, CFO and Commercial Director
Allenby Capital (Nominated Adviser) Tel: +44 (0)20 3328
5656
David Hart
James Hornigold
Peterhouse Capital (Broker) Tel: +44 (0) 20 7220
Charles Goodfellow 9791
Eran Zucker
Milk & Honey PR Tel: +44 (0)20 3637
7310
Kirsty Leighton
Jessica Ballinger
About Location Sciences Group PLC:
Location Sciences is the pre-eminent global location
verification provider to the $160 billion digital advertising
industry. Working in partnership with brands, media agencies and
suppliers to reduce ad-wastage and improve the effectiveness of
location-based advertising campaigns.
The digital advertising market-place remains unregulated and
un-monitored, with an estimated $19 billion wasted on ad-fraud in
2018. Location Sciences has developed Verify, the world's first
independent location verification product. Utilising sophisticated
machine learning and pattern recognition technologies, Verify
detects location ad-fraud and shines a light on location data
inaccuracy with the aim of bringing back integrity, transparency
and trust to the market place.
Rule 26 website: www.locationsciencesgroup.ai
Verify website: www.locationsciences.ai
LinkedIn: https://www.linkedin.com/company/locationsciences
Twitter: @LocationSci
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name PDMRs: Kelvin Harrison N on-executive C hairman
Benjamin Chilcott Non-executive director
-------------------------
Niall Hogan Non-executive director
-------------------------
Donnie Williams Non-executive director
-------------------------
-------------------------- ----------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------
a) Position/status See 1a) above
-------------------------- ----------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ----------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name Location Sciences Group PLC
-------------------------- ----------------------------------------------------
b) LEI 213800MKYV25HW2IAX70
-------------------------- ----------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
--------------------------------------------------------------------------------
a) Description of the ordinary shares of 0.1p
financial instrument,
type of instrument GB00BGT36S19
Identification code
-------------------------- ----------------------------------------------------
b) Nature of the transaction Issue of ordinary shares in consideration
of payment of fees
-------------------------- ----------------------------------------------------
c) Price(s) and volume(s) Price: 0.48 p
Volumes:
Kelvin Harrison 2,343,750
Benjamin Chilcott 2,291,667
----------
Niall Hogan 5,000,000
----------
Donnie Williams 7,333,681
----------
-------------------------- ----------------------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
-------------------------- ----------------------------------------------------
e) Date of the transaction 30 October 2020
-------------------------- ----------------------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------- ----------------------------------------------------
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END
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