REG - Starcom PLC - Conversion of Director's Deferred Salary

t42 IoT Tracking SolutionsAnnouncement

15/05/2020 07:00

RNS Number : 9844M
  
Starcom PLC
  
15 May 2020
  
 

15 May 2020
 
Starcom PLC
("Starcom" or the "Company")
 
Conversion of deferred salary into equity
 
Starcom (AIM: STAR), which specialises in the development of wireless, Internet-Of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, announces that, as part of the measures the Board of Starcom is taking to strengthen the financial position of the Company during the Covid-19 pandemic, Avi Hartmann, CEO, has agreed to convert $75,000 (or £61,503) of historic unpaid salary into new ordinary shares in the Company (the "Salary Conversion").
 
Pursuant to the Salary Conversion, Mr Hartmann will be issued 6,150,288 new ordinary shares in the Company ("Ordinary Shares") at a price of 1 pence per Ordinary Share, being the Company's closing mid-market share price on 14 May 2020, the day prior to issue. As at the 31 March 2020, Avi Hartmann had approximately US$167,000 of outstanding deferred salary. This related to salary deferred periodically since 2015. Following the Salary Conversion, Mr Hartmann will have a total of US$92,000 of outstanding deferred salary and a further US$73,000 of outstanding loans to the Company. 
 
The Salary Conversion constitutes a related party transaction pursuant to the AIM Rules for Companies.  The Directors of Starcom (excluding Mr Hartmann), having consulted with the Company's nominated adviser, consider the terms of the Salary Conversion to be fair and reasonable insofar as the Company's shareholders are concerned.
 
As a result of the Salary Conversion, Mr Hartmann's beneficial interest in the Company's share capital is 30,348,224 Ordinary Shares, representing approximately 8.63 per cent. of the voting rights of the Company as enlarged by the Salary Conversion.
 
Application for Admission
 
Application has been made for the new Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission").  It is anticipated that Admission will become effective at 8.00 a.m. on 21 May 2020. 
 
Total voting rights 
 
On Admission, the Company's enlarged issued share capital will comprise 351,479,801 Ordinary Shares.  The Company does not hold any shares in treasury.  Therefore, the total number of Ordinary Shares with voting rights in the Company will be 351,479,801.  This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules. 
 
Enquiries: 
 



Starcom Plc


 




Michael Rosenberg, Chairman


07785 727 595




Avi Hartmann, CEO
 


+972 5447 5663




 


 




Allenby Capital Limited (Nominated Adviser and Broker)


020 3328 5656




James Reeve / Jeremy Porter / Asha Chotai
 


 




Peterhouse Capital Limited (Joint Broker)


020 7469 0930




Lucy Williams / Charles Goodfellow / Eran Zucker
 


 




Leander PR (Financial PR)


07795 168 157




Christian Taylor-Wilkinson


 



 
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


Avi Hartmann




2


Reason for the notification




a)


Position/status


CEO




b)
 


Initial notification /Amendment


Initial notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


Starcom plc




b)


LEI


213800XVU7WF3QMF4826




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
 
Identification code


Ordinary Shares of no par value  
 
 
 
Identification code (ISIN) for Starcom plc ordinary shares: JE00B8WSDY21
 




b)


Nature of the transaction


Conversion of debt into ordinary shares
 
 




c)


Price(s) and volume(s)





 Price(s)


Volume(s)




1p
 


6,150,288



 




d)


Aggregated information
- Aggregated volume
- Price


 
n/a




e)


Date of the transaction


15 May 2020




f)


Place of the transaction


Outside a trading venue



 
 
 


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