REG - Insig AI Plc - Funding facility, share allotment & PDMR dealing

Insig AiAnnouncement

04/04/2024 07:00

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RNS Number : 2330J  Insig AI Plc  04 April 2024

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
(https://url.uk.m.mimecastprotect.com/s/x7yTCJq43fq3G7JhGRg6V?domain=insg.ai)
or contact:

 

 

 Insig AI plc                            richard.bernstein@insg.ai

 Richard Bernstein                       colin.mcveigh@insg.ai (mailto:colin.mcveigh@insg.ai)

 Colm McVeigh, CEO
 Zeus (Nominated Adviser & Broker)       +44 (0) 203 829 5000

 David Foreman / James Hornigold

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:  Ordinary shares of 1 pence

               Identification code:                                          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:                                       Single transaction as in 4 c) above

Price(s)  Volume(s)
               Aggregated volume:                                            20 pence  250,000

               Price:
 
 e)            Date of the transaction:                                      3 April 2024

 f)            Place of the transaction:                                     Off-market

 

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

 

 

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