REG - MicroSalt PLC - Missed related party transaction

MicroSaltAnnouncement

Mon 07:00

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RNS Number : 6938U  MicroSalt PLC  11 August 2025

11 August 2025

MicroSalt Plc

 

("MicroSalt" or the "Company")

 

Missed Related Party Transaction

 

MicroSalt plc, a leading manufacturer of full flavour salt with approximately
50% less sodium, announces that, further to the announcement on 6 August and
following proactive investigations by the Independent Directors under the lead
of Judith Batchelar, Chair of MicroSalt, certain further payments totalling
approximately USD330k (the "Payments") made to Tekcapital plc and/or its
subsidiaries have been identified.

 

The Payments were made between July to September 2024 and in part due to
mis-categorisation of account, should have been identified as a disclosable
related party transaction pursuant to AIM Rule 13.

 

Principally because the Payments were not contractually required to be paid at
that time, the Independent Directors do not expect they would have considered
the Payments to have been fair and reasonable. Furthermore, due to the
Independent Directors not being aware of the Payments at the time, the
Nominated Adviser was not consulted in respect of the Payments.

 

The Board also notes that due to enhanced systems and controls implemented
during 2024, it would not be possible for this situation to recur.
Furthermore, additional procedural changes have been implemented alongside
additional training and education to ensure neither the Payments nor the
separate payment identified last week (see separate MicroSalt announcement
entitled 'Related Party Transaction' released on 6 August) will happen again.

 

Having found no further irregularities, the Independent Directors are now
closing their investigation, noting that whilst the Payments had not received
the appropriate approvals or been appropriately announced by the Company, and
whilst the Payments were paid early with no legal requirement for them to have
been made at that time, they did relate to bona fide liabilities. The
statement of financial position of the Company as at 31 December 2024 as
recently reported on 2 June 2025 remains unchanged as the transactions were
accounted for correctly in those statements.

 

Capitalised terms used in this announcement, unless otherwise defined, shall
have the meanings given to them in the 6 August announcement.

 

 MicroSalt plc                                    info@microsaltinc.com
 Judith Batchelar (Chair)

 Zeus (Nominated Adviser and Broker)              +44 (0)20 3829 5000
 David Foreman / James Edis (Investment Banking)

 

 

ENDS

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