Loan Facility and Holding in Company
25 January 2024
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.
Location Sciences Group PLC
("Location Sciences" or the "Company" or the "Group")
Term loan facility entered into with Bidco 3 Limited
and
Holding in Company
Location Sciences (AIM: LSAI) announces that the Company has entered into an unsecured term loan facility agreement with Bidco 3 Limited (the "Lender" or "Bidco 3") for a total principal amount of up to £3.0 million (the "Facility"). Bidco 3 is a special purpose holding company focused on making appropriate strategic investments.
Background to and reasons for the Facility
As most recently announced by the Company on 20 December 2023, a considerable amount of work has been carried out in relation to the Company's proposed acquisition of the entire issued share capital of Sorted Holdings Limited ("Sorted") (the "Proposed Acquisition"). As the Company continues to work towards the finalisation of the Proposed Acquisition, the Company is cognisant of its existing overheads and working capital requirements, and those of the Company following completion of the Proposed Acquisition. In this respect, the Facility, subject to the satisfaction of certain customary conditions precedent, will be available for drawdown to be used for, inter alia, providing the Company with general working capital.
Key terms and conditions of the Facility
The Company may utilise the Facility in one or more tranches, provided that any utilisation of the Facility is for a minimum amount of £0.5 million, with the aggregate amount of funds drawn pursuant to the Facility not exceeding £3.0 million.
Borrowings under the Facility will accrue interest daily at 1.5 per cent. per month and shall be repayable on 31 January 2026. The Facility is subject to customary events of default and an arrangement fee of £125,000 is payable to the Lender, which can be satisfied in cash or by the issuance of ordinary shares in the Company at the Lender's option.
Holding in Company
Separate to the above, Location Sciences was informed on 24 January 2024 that Daron Lee now holds 75,000,000 ordinary shares in the Company, representing approximately 2.83 per cent of the issued share capital of the Company.
For further information please contact:
Location Sciences Group PLC via Allenby Capital
Simon Wilkinson, Chairman
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0)20 3328 5656
David Hart
Vivek Bhardwaj
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 2 days ago City of London Investment Group
- 2 days ago Aberdeen Group plc
- 2 days ago NATWEST GROUP
- 2 days ago Ondo Insurtech
- 2 days ago Banco Santander S.A.