Business Review update and proposed Board changes
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
21 June 2021
Location Sciences Group PLC
("Location Sciences" or the "Company")
Business Review update and proposed Board changes
Following the successful fundraising and Board changes, the new Board continues to review how best to maximise the value of the Company's two core business units, namely location verification and data and insights. Whilst discussions continue, both internally and externally, it has been concluded that in view of the current scale of these businesses, immediate steps are necessary to reduce operating costs. As a result, notice has been given to both Mark Slade (CEO) and David Rae (CFO), each of whom have 12 month notice periods. Both Mark and David will remain as employees and members of the Board for as long as is necessary to realise value from the existing businesses.
Simon Wilkinson, Non-Executive Chairman, commented "I would like to place my thanks on record to Mark and David, who were instrumental in the recent fundraising which has given the Company a huge opportunity to deliver value for shareholders. I look forward to continuing to work with Mark and David to realise the best value from the existing businesses."
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
Mark Slade, Chief Executive Officer
David Rae, CFO and Commercial Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0)20 3328 5656
David Hart
Vivek Bhardwaj
Turner Pope Investments (TPI) Ltd (Joint Broker) Tel: +44 (0)20 3657 0050
James Pope
Andy Thacker
Peterhouse Capital (Joint Broker) Tel: +44 (0) 20 7220 9791
Charles Goodfellow
Eran Zucker
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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