The information communicated within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) NO. 596/2014. It
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018. Upon the publication of this
announcement, this information is considered to be in the public
domain.
Insig AI
plc
("Insig AI" or the
"Company")
Funding facility, share
allotment and director dealing
Insig AI plc (AIM: INSG), the data
science and machine learning group, announces that the Company has formally agreed to a £250,000 equity funding facility (the "Funding Facility")
with Richard Bernstein, Executive Chairman
of Insig AI. The Funding Facility will
allow Mr Bernstein to subscribe for up to 1,250,000 new ordinary shares at 20
pence per share until 31 August 2024. This follows the proposed
facility as set out in the Company's 'Trading update and equity funding facility proposal'
announced on 2 April 2024.
Share Allotment
Pursuant to the Funding Facility,
Richard Bernstein has subscribed for 250,000 new ordinary shares of
1 pence each in the Company ("Ordinary Shares") at a price of 20
pence per share raising gross proceeds of £50,000 (the
"Subscription Shares"). The subscription price of 20 pence per
share represents a 17.6% premium to the closing share price of 17
pence on 3 April 2024. Following the
issuance of the Subscription Shares, Mr Bernstein's shareholding is
20,605,380 Ordinary Shares, which represents 18.8% of the Company's
total voting rights. After the issuance of the Subscription Shares,
£200,000 remains available for draw down under the Funding
Facility.
Related Party Transaction
The Funding Facility, entered into
by Richard Bernstein, a director of the Company constitutes a
related party transaction under the AIM Rules.
The directors of the Company
(excluding Richard Bernstein), having consulted with Zeus Capital
Limited, the Company's nominated adviser, consider that the terms
of the Funding Facility, are fair and reasonable insofar as the
Company's shareholders are concerned.
Admission and Total Voting Rights
Application will be made to the
London Stock Exchange for admission of the Subscription Shares to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the Subscription Shares will
commence on or around 9 April 2024.
The Subscription Shares will be
issued fully paid and will rank pari passu in all respects with the
Company's existing Ordinary Shares.
Following Admission, the total
number of Ordinary Shares in the capital of the Company in issue
will be 109,851,025. As the Company currently holds 505,888
Ordinary Shares in treasury, the total number of voting rights in
the Company following Admission will be is 109,345,137. This figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company's share
capital pursuant to (i) the Company's Articles, (ii) the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules
and/or (iii) the AIM Rules for Companies issued by the London Stock
Exchange plc as amended from time to time.
For further information, please
visit
www.insg.ai or
contact:
Insig AI plc
Richard Bernstein
Colm McVeigh, CEO
|
richard.bernstein@insg.ai
colin.mcveigh@insg.ai
|
Zeus (Nominated Adviser
& Broker)
David Foreman / James
Hornigold
|
+44 (0)
203 829 5000
|
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:
|
Richard Bernstein
|
2.
|
Reason for the notification
|
a)
|
Position/status:
|
Director
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name:
|
Insig AI Plc
|
b)
|
LEI:
|
21380098CKBAG1NWCD98
|
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 financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of 1
pence
GB00BYV31355
|
b)
|
Nature of the
transaction:
|
Issue of ordinary shares
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
20 pence
|
250,000
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transaction as in 4 c)
above
Price(s)
|
Volume(s)
|
20 pence
|
250,000
|
|
e)
|
Date of the transaction:
|
3 April 2024
|
f)
|
Place of the transaction:
|
Off-market
|