Board Changes, New Strategy, and Issue of Equity
14/02/2024 17:00
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RNS Number : 1809D Mortgage Chat PLC 14 February 2024
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
14 February 2024
Mortgage Chat PLC
("Mortgage Chat" or the "Company")
Board Changes, New Strategy, and Issue of Equity
Mortgage Chat (AQSE: MCAI) is pleased to announce changes to its board,
issuance of equity, and its new strategy.
New Strategy
The Company is pleased to announce a strategic pivot towards the development
of an artificial intelligence (AI) platform named Mortgage Chat. This
innovative AI platform will directly connect borrowers and lenders,
streamlining the mortgage acquisition process. Mortgage Chat is designed to
revolutionise the client experience with its intuitive, conversational
interface, simplifying the journey from loan discovery to finalisation for all
parties involved.
Issue of Equity
The Company has issued 210,000,000 new ordinary shares of 0.01 pence each
("Ordinary Shares") in the Company at a price of 0.05 pence per share to raise
a total of £105,000. The funds will be used for working capital and for the
development of the new strategy of the Company.
Application will be made for the Ordinary Shares, which will rank pari passu
with the existing Ordinary Shares in issue, to be admitted to trading on the
AQSE Growth Market ("Admission"). Dealings are expected to commence on or
around 20 February 2024.
Total Voting Rights
Following Admission, the Company's total issued and voting share capital will
consist of 3,314,857,144 Ordinary Shares. The Company does not hold any
Ordinary Shares in treasury.
The above 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 under the FCA's
Disclosure and Transparency Rules.
Board Changes
Following the announcement made on 22 December 2023, the following board
changes will be made effective immediately.
- Peter Wall joins as Executive Chairman;
- Philipp Kallerhoff and Sarah Gow join as Non-Executive Directors;
- Jeremy Woodgate remains on the Board as Independent Non-Executive
Director;
- Gavin Sathianathan has stepped down from the board as Investment
Strategy Director.
The following information is provided for the purpose of Rule 4.9 of the AQSE
Growth Market Access Rulebook.
Peter Wall
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
Vernon Blockchain Inc Argo Blockchain PLC
PNP Studio Ventures Inc. Argo Innovation Labs Inc
JEAMP Hodl Co Inc Cellular Goods PLC
Weave Technologies
Entobiotics Inc
Peter holds 600,000,000 ordinary shares in the Company.
Philipp Kallerhoff
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
Protos Asset Management GmbH AQRU Plc
Langland Software Solutions Ltd Defi Yield Technologies
Philipp holds 330,000,000 ordinary shares in the Company.
Sarah Gow
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
None Argo Blockchain PLC
MyGiftClues Ltd
Sarah holds 70,000,000 ordinary shares in the Company.
Related Party Transaction
The Company's articles of association provide that the Company will indemnify
the Company's directors in relation to liabilities incurred by them in the
performance of their duties as directors of the Company, subject to any
limitations under applicable law. The Company has therefore entered into deeds
of indemnity with each of Peter Wall, Philipp Kallerhoff and Sarah Gow (the
"Indemnities") in connection with their appointment as directors of the
Company. The Indemnities are in line with those adopted by many leading
companies and reflect the Company's obligations under its articles of
association.
Having exercised reasonable care, skill and diligence, the directors are
comfortable that the terms of the Indemnity are fair and reasonable as far as
the shareholders of the issuer are concerned.
Peter Wall, Executive Chairman said, "As the new Executive Chairman of
Mortgage Chat, I am enthusiastic about the road ahead. Our current development
efforts are laying the groundwork for what I believe will be a transformative
force in the financial industry. In this era of innovation, Mortgage Chat is
poised to capture the unique opportunities that the fusion of AI and finance
present."
There is no further information to be disclosed pursuant to Rule 4.9 of the
AQSE Growth Market Access Rulebook.
For more information, please visit the Company's website at
https://www.mortgagechat.co/ (https://www.mortgagechat.co/)
The Directors of the Company take responsibility for this announcement.
Mortgage Chat PLC
Peter Wall, Executive Chairman Via First Sentinel
First Sentinel Corporate Finance
Brian Stockbridge, Corporate Adviser +44 20 3855 5551
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