REG - Insig AI Plc - Equity subscription

Insig AiAnnouncement

24/04/2023 07:15

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RNS Number : 1422X  Insig AI Plc  24 April 2023

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under 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 via the Regulatory Information Service, this inside information
is now considered to be in the public domain.

24 April 2023

Insig AI plc

("Insig AI" or the "Company")

 

Equity subscription raising £0.9 million and

PDMR Dealing

 

The Company is pleased to announce that it has successfully raised £0.9
million by way of equity subscription for 5,294,118 ordinary shares of 1 pence
each in the Company ("Subscription Shares") at 17 pence per Ordinary Share
(the "Subscription Price")(the "Subscription").

The Subscription Price was the closing price of the Ordinary Shares on 20
April 2023.

£0.45 million of the Subscription is from a new institutional investor.
Richard Bernstein, Insig AI Chairman, also subscribed for approximately £0.15
million. Further details of Richard Bernstein's subscription are provided in
the PDMR dealing table at the end of this announcement.

It is intended that the proceeds of the Subscription will be utilised to
invest in sales and marketing as well as for working capital purposes. Given
the board's expectations for revenues and profitability, it is expected that
save for potential strategic partnership or corporate opportunities, the Group
will not need to raise any further equity for working capital purposes in the
short to medium term.

The Subscription Shares will be issued from Treasury, from shares gifted to
the Company in December 2022 by founders Steve Cracknell and Warren Pearson,
Chief Product Officer and Chief Technology Officer.  Specifically, 1,764,705
Subscription Shares will be issued on 27 April 2023 with the balance of
3,529,413 Subscription Shares being issued on 23 June 2023.

Fair and reasonable assessment

The subscription 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 Subscription and Richard's participation therein, are fair and
reasonable insofar as the Company's shareholders are concerned.

Total voting rights

Following the issue of 1,764,705 Subscription Shares on 27 April 2023 out of
treasury, the issued share capital of the Company will remain unchanged at
105,675,645 ordinary shares, whilst the total number of voting rights in the
Company will be 103,969,763. Shareholders may use this figure 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 under the FCA's Disclosure Guidance and Transparency Rules. Following
the transaction, the Company will hold 5,235,295 shares in treasury.

The Company will release a further announcement on the total voting rights of
the Company following the issue of the balance of 3,529,413 Subscription
Shares on 23 June 2023.

 

For further information, please visit www.insg.ai or contact:

 

 Insig AI plc                                       richard.bernstein@insg.ai

 Richard Bernstein (chairman)                      colin.mcveigh@insg.ai

 Colm McVeigh (CEO)
 Zeus (Nominated Adviser & Broker)                 +44 (0)20 3829 5000

 David Foreman / James Hornigold / Danny Philips

 

The information set out below is provided in accordance with the requirements
of Article 19 of the Market Abuse Regulation.

 Notification and public disclosure of transactions by Persons Discharging
 Managerial Responsibilities ("PDMR") and persons closely associated with them
 ("PCA")

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Richard Bernstein
 2   Reason for notification
 a.  Position/Status                                              Non-Executive Chairman
 b.  Initial notification/                                        Initial Notification

     Amendment
 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  Ordinary Shares of 1p each

Identification Code                                         GB00BYV31355
 b.  Nature of the transaction                                    Purchase of shares
 c.  Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            17.0p     291,503
     Transaction 1 (settlement 27 April 2023)

     Transaction 2 (settlement June 2023)

                                                            17.0p     583,006

 d.  Aggregated information

Price(s)  Volume(s)
                                                                  17.0p     874,509
 e.  Date of the transaction                                      21/04/2023
 f.  Place of the transaction                                     London Stock Exchange

d.

Aggregated information

 

 Price(s)  Volume(s)
 17.0p     874,509

e.

Date of the transaction

21/04/2023

f.

Place of the transaction

London Stock Exchange

 

 

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