Location Sciences - Loan Facility and Holding in Company
25/01/2024 07:00
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RNS Number : 8369A Location Sciences Group PLC 25 January 2024
25 January 2024
This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
Location Sciences Group PLC
("Location Sciences" or the "Company" or the "Group")
Term loan facility entered into with Bidco 3 Limited
and
Holding in Company
Location Sciences (AIM: LSAI) announces that the Company has entered into an
unsecured term loan facility agreement with Bidco 3 Limited (the "Lender" or
"Bidco 3") for a total principal amount of up to £3.0 million (the
"Facility"). Bidco 3 is a special purpose holding company focused on making
appropriate strategic investments.
Background to and reasons for the Facility
As most recently announced by the Company on 20 December 2023, a considerable
amount of work has been carried out in relation to the Company's proposed
acquisition of the entire issued share capital of Sorted Holdings Limited
("Sorted") (the "Proposed Acquisition"). As the Company continues to work
towards the finalisation of the Proposed Acquisition, the Company is cognisant
of its existing overheads and working capital requirements, and those of the
Company following completion of the Proposed Acquisition. In this respect, the
Facility, subject to the satisfaction of certain customary conditions
precedent, will be available for drawdown to be used for, inter alia,
providing the Company with general working capital.
Key terms and conditions of the Facility
The Company may utilise the Facility in one or more tranches, provided that
any utilisation of the Facility is for a minimum amount of £0.5 million, with
the aggregate amount of funds drawn pursuant to the Facility not exceeding
£3.0 million.
Borrowings under the Facility will accrue interest daily at 1.5 per cent. per
month and shall be repayable on 31 January 2026. The Facility is subject to
customary events of default and an arrangement fee of £125,000 is payable to
the Lender, which can be satisfied in cash or by the issuance of ordinary
shares in the Company at the Lender's option.
Holding in Company
Separate to the above, Location Sciences was informed on 24 January 2024 that
Daron Lee now holds 75,000,000 ordinary shares in the Company, representing
approximately 2.83 per cent of the issued share capital of the Company.
For further information please contact:
Location Sciences Group
PLC
via Allenby Capital
Simon Wilkinson, Chairman
Allenby Capital Limited (Nominated
Adviser)
Tel: +44 (0)20 3328 5656
David Hart
Vivek Bhardwaj
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