REG - IQ-AI Limited - Acquisition of Interest by Braveheart

IQ-AIAnnouncement

11/10/2024 10:45

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RNS Number : 8995H  IQ-AI Limited  11 October 2024

 
 
      11 October 2024

IQ-AI Limited

 

IQ-AI Limited

("IQ-AI" or the "Company")

Acquisition of Interest by Braveheart Investment Group

IQ-AI Limited (the "Company" or "IQ-AI"), the parent company of
Wisconsin-based Imaging Biometrics, LLC ("IB"), which is focused on
delivering quantitative imaging platforms and therapeutics that transform how
clinicians diagnose and treat patients more efficiently and effectively, notes
the announcement today of Braveheart Investment Group plc ("Braveheart").

 

The announcement, re-produced in full below, relates to the acquisition by
Braveheart of 65,415,862 ordinary shares of £0.01p each in IQ-AI,
representing 29.51% of the issued share capital of IQ-AI, for a total
consideration of £719,574.48.

 

These shares have been purchased from Trevor Brown, CEO of IQ-AI, and from
Free Association Books Limited , a company owned by the children of Trevor
Brown.

 

The Directors of the Company accept responsibility for the contents of this
announcement.

 

**ENDS**

For further information please contact:

 

IQ-AI Limited

Brett Skelly/Vinod Kaushal

Tel: 020 7469 0930

Peterhouse Capital Limited (Financial Adviser and Broker)

Tel: 020 7220 9797

 

 

 

 

11 October 2024

 

Braveheart Investment Group plc

("Braveheart" or the "Company")

 

Acquisition of Interest in IQ-AI Limited

and

Related Party Transaction

 

Braveheart Investment Group (AIM: BRH), announces the acquisition of
65,415,862 ordinary shares of 0.1 pence each in IQ-AI Limited ("IQ-AI"),
representing 29.51% of the issued share capital of IQ-AI, for a total
consideration of £719,574.48.

 

45,761,083 shares in IQ-AI have been purchased from Trevor Brown, CEO of
Braveheart, at a price of 1.1 pence per share, for a consideration of
£503,371.91. A further 19,654,779 shares in IQ-AI Shares have been purchased
from Free Association Books Limited ("FAB"), a company owned by the children
of Trevor Brown, also at a price of 1.1p per IQ-AI share for a consideration
of £216,202.57.

 

IQ-AI is an imaging software and healthcare diagnostics company, whose
subsidiaries include Imaging Biometrics, LLC ("IB") and Stone Checker Software
Limited. IB is a healthcare imaging software company that supplies medical
technology solutions, regulatory consulting services and has a neuroimaging
product portfolio. Stone Checker Software Limited is a supplier of technology
solutions in the field of kidney stone analysis and kidney stone prevention.
IQ-AI's ordinary shares are listed on the main market of the London Stock
Exchange. Trevor Brown is the CEO of IQ-AI.

 

In the year ended 31 December 2023, IQ-AI made a loss before tax of
approximately £0.62 million on revenue of approximately £0.6 million and as
at that date had net assets of approximately £0.09 million. As at 30 June
2024, IQ-AI had net assets of approximately £0.43 million.

 

The independent directors of Braveheart were offered an opportunity to acquire
a substantial stake in IQ-AI. They considered that IB is making progress in
its Phase 1 Clinical Trial of gallium maltolate, as reported by IQ-AI on 13
August 2024. The IQ-AI business fits well with Braveheart's investment
strategy and will make an attractive addition to Braveheart's investment
portfolio at what the board considered is an attractive entry price.

 

Related Party Transaction

 

Trevor Brown and FAB are deemed to be related parties under the AIM Rules for
Companies. The independent directors, being Qu Li, Susan Hagan and Vivian
Hallam, consider, having consulted with Allenby Capital Limited, the Company's
Nominated Adviser, that the terms of the purchase of the IQ-AI shares is fair
and reasonable insofar as the shareholders of Braveheart are concerned.

 

For further information:

 

 Braveheart Investment Group plc                                Tel: 01738 587555
 Trevor Brown CEO

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: 020 3328 5656
 James Reeve / George Payne

 Peterhouse Capital Limited (Joint Broker)                      Tel: 020 7469 0936
 Duncan Vasey / Lucy Williams

 

 

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