Starcom PLC Conversion of Director's Deferred Salary (9844M)
15 Maggio 2020 - 8:00AM
UK Regulatory
TIDMSTAR
RNS Number : 9844M
Starcom PLC
15 May 2020
15 May 2020
Starcom PLC
("Starcom" or the "Company")
Conversion of deferred salary into equity
Starcom (AIM: STAR), which specialises in the development of
wireless, Internet-Of-Things (IoT) based solutions for the remote
tracking, monitoring and protection of a variety of assets,
announces that, as part of the measures the Board of Starcom is
taking to strengthen the financial position of the Company during
the Covid-19 pandemic, Avi Hartmann, CEO, has agreed to convert
$75,000 (or GBP61,503) of historic unpaid salary into new ordinary
shares in the Company (the "Salary Conversion").
Pursuant to the Salary Conversion, Mr Hartmann will be issued
6,150,288 new ordinary shares in the Company ("Ordinary Shares") at
a price of 1 pence per Ordinary Share, being the Company's closing
mid-market share price on 14 May 2020, the day prior to issue. As
at the 31 March 2020, Avi Hartmann had approximately US$167,000 of
outstanding deferred salary. This related to salary deferred
periodically since 2015. Following the Salary Conversion, Mr
Hartmann will have a total of US$92,000 of outstanding deferred
salary and a further US$73,000 of outstanding loans to the
Company.
The Salary Conversion constitutes a related party transaction
pursuant to the AIM Rules for Companies. The Directors of Starcom
(excluding Mr Hartmann), having consulted with the Company's
nominated adviser, consider the terms of the Salary Conversion to
be fair and reasonable insofar as the Company's shareholders are
concerned.
As a result of the Salary Conversion, Mr Hartmann's beneficial
interest in the Company's share capital is 30,348,224 Ordinary
Shares, representing approximately 8.63 per cent. of the voting
rights of the Company as enlarged by the Salary Conversion.
Application for Admission
Application has been made for the new Ordinary Shares, which
will rank pari passu with the Company's existing Ordinary Shares,
to be admitted to trading on AIM ("Admission"). It is anticipated
that Admission will become effective at 8.00 a.m. on 21 May
2020.
Total voting rights
On Admission, the Company's enlarged issued share capital will
comprise 351,479,801 Ordinary Shares. The Company does not hold any
shares in treasury. Therefore, the total number of Ordinary Shares
with voting rights in the Company will be 351,479,801. This figure
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
voting rights of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Enquiries:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 5663
Allenby Capital Limited (Nominated Adviser
and Broker) 020 3328 5656
James Reeve / Jeremy Porter / Asha Chotai
Peterhouse Capital Limited (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson
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 Avi Hartmann
-------------------------- ----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status CEO
-------------------------- ----------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Starcom plc
-------------------------- ----------------------------------------
b) LEI 213800XVU7WF3QMF4826
-------------------------- ----------------------------------------
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 no par value
financial instrument,
type of instrument
Identification code Identification code (ISIN) for Starcom
plc ordinary shares: JE00B8WSDY21
-------------------------- ----------------------------------------
b) Nature of the transaction Conversion of debt into ordinary shares
-------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 6,150,288
----------
-------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price
-------------------------- ----------------------------------------
e) Date of the transaction 15 May 2020
-------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- ----------------------------------------
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END
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