Exercise of Warrants and Issue of Equity

RNS Number : 5955A

Location Sciences Group PLC

12 September 2018

 

12 September 2018

Location Sciences Group PLC

("Location Sciences" or the "Company")

Exercise of Warrants and Issue of Equity

Location Sciences Group PLC (AIM: LSAI), the leading mobile location data and intelligence expert, announces that it has received from Barclays Bank PLC ("Barclays") a notification for the exercise of warrants over 5,863,021,931 ordinary shares of 0.01 pence each in the Company ("Ordinary Shares") at an exercise price of 0.03 pence per share.

These warrants were issued in exchange for the release of the Company's £2.5m loan facility on 9 August 2017 and, as part of the terms of that arrangement, no funds were payable by Barclays on their exercise.  Shareholders authorised the Directors to issue and allot the Ordinary Shares to Barclays at the general meeting of the Company held on 24 July 2017. Barclays holds no remaining warrants in the Company.

Application has been made for 5,863,021,931 Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on 13 September 2018.  In connection with the exercise of the warrants, Barclays has entered into a 12-month orderly market arrangement in respect of the 5,863,021,931 Ordinary Shares to be issued to it.

Following Admission, Barclays' beneficial ownership of Ordinary Shares will equate to approximately 27.9 per cent. of the issued share capital of the Company.

Following Admission, the Company will have 20,983,343,705 Ordinary Shares in issue, each with voting rights, which 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, or a change to their interest, in the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. The Company does not hold any Ordinary Shares in Treasury.

Commenting Mark Slade, CEO of Location Sciences, said: 

"We are delighted to welcome Barclays as our largest shareholder and we are pleased that they have committed to a 12 month orderly market agreement."

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Enquiries:
Location Sciences Group PLC	Via Redleaf Communications
Mark Slade, Chief Executive Officer David Rae, Chief Financial Officer
Stockdale Securities Limited	Tel: [phone]
Tom Griffiths
Ed Thomas
Redleaf Communications	Tel: [phone]
Box Huxford
Fiona Norman

About Location Sciences Group PLC:

·     Location Sciences helps companies connect the online world with the offline world using mobile location technology data.  We combine cutting-edge mobile location data collection with proprietary machine learning analytics to create new value and insights from location information.

·     Location Sciences is media-agnostic and work with a variety of media, advertising, technology partners - plus the world's biggest brands. Our technology is well positioned to fulfil the need for greater accuracy and accountability in a growing market that is increasingly looking for superior data and verification.

 

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