TIDMLSAI
RNS Number : 6965X
Location Sciences Group PLC
06 May 2021
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement via
a Regulatory Information Service, this inside information is now
considered to be in the public domain.
6 May 2021
Location Sciences Group PLC
("Location Sciences" or the "Company")
Result of Broker Option
The Company is pleased to announce that the Broker Option was
significantly oversubscribed by both existing Shareholders and
non-Shareholders. However, Turner Pope in consultation with the
Company decided that it would be in the interests of the Company's
Shareholders as a whole if the Broker Option was only partially
exercised, taking into account inter alia the existing
shareholdings of validated Shareholders who applied. As a result,
the Company has been notified by Turner Pope that it intends to
exercise its Broker Option in respect of 87,500,000 new Ordinary
Shares.
As announced on 4 May 2021, the Company conditionally raised a
total of GBP3.5 million (before expenses) via a conditional Placing
and a conditional Subscription. In tandem with this, Location
Sciences granted the Broker Option, which has now closed, to Turner
Pope to provide the opportunity for existing Shareholders to
participate in the fundraise undertaken by the Company. The details
of the Placing, Subscription and Broker Option were provided in the
Company's announcement of 4 May 2021 and the terms defined in that
announcement have been used in this release.
Turner Pope, the Company's Placing Agent, has determined all
Broker Option Share allocations at its discretion (after
consultation with the Company) and has notified counterparties of
the number of Broker Option Shares they have been allocated.
As previously disclosed, the Placing and the Subscription are
conditional, amongst other things, upon the approval of
Shareholders at a General Meeting of the Company. The Broker
Option, comprising 175,000,000 new Ordinary Shares in the Company,
is also conditional upon the approval of shareholders at the
General Meeting.
The Broker Option has conditionally raised GBP175,000 (before
expense) at a price of 0.2 pence per share through the issue of
87,500,000 new Ordinary Shares.
Admission of Placing and Broker Option Shares
Application will be made for the Broker Option Shares together
with the Placing Shares, the Subscription Shares and the Fees
Shares (excluding 42,500,000 Fees Shares in respect of the second
year's fees of the Proposed Directors) to be admitted to trading on
AIM following the approval of the Resolutions. Admission is
expected to become effective by no later than 8.00 a.m. on 25 May
2021. Settlement of the Placing Shares, the Subscription Shares,
the Broker Option Shares and the Fees Shares (excluding 42,500,000
Fees Shares in respect of the second year's fees of the Proposed
Directors) is expected to take place within the CREST system in
conjunction with Admission.
A copy of this announcement is available on the Company's
website
https://www.locationsciencesgroup.ai/investor-relations/rns-news-alerts/
.
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 Limited (Nominated Adviser) Tel: +44 (0)20 3328
5656
David Hart
David Worlidge
Turner Pope Investments (TPI) Ltd (Placing Agent) Tel: +44 (0)20
3657 0050
James Pope
Andy Thacker
Peterhouse Capital (Broker) Tel: +44 (0) 20 7220 9791
Charles Goodfellow
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
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