REG - Starcom PLC - Conversion of loans and Director shareholdings

t42 IoT Tracking SolutionsAnnouncement

01/10/2021 07:00

RNS Number : 6972N
  
Starcom PLC
  
01 October 2021
  
 

1 October 2021 
Starcom PLC
("Starcom" or the "Company")
 
Conversion of loans and Director shareholdings
 
The Board of 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, is pleased to announce that all the holders of the convertible loan notes issued in March 2020 and due for repayment or conversion by 30 September 2021, have exercised their options to convert these loans into new ordinary shares of Starcom at the conversion price of 1.25p per share.  The loan notes were for £223,600 in total and accordingly, a total of 19,488,000 ordinary shares ("New Ordinary Shares") will be issued to the lenders as follows:
 




 Lender


No. of New Ordinary Shares




Montrose Securities Limited, a company controlled by Michael Rosenberg (Non-Executive Chairman)


8,000,000




Avi Engel (Non-Executive Director)


8,000,000




Igor Vatenmacher (Chief Financial Officer)


1,744,000




Starcom employee


1,744,000




 
The conversion price is at a premium of approximately 39 per cent. to the most recent closing mid-market share price and reflects the confidence of the lenders in the prospects for the Company.
 
Application will be 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 on 7 October 2021. 
 
On Admission, the shareholdings in the Company of the directors concerned will be as follows:
 




Director


Total no. of Ordinary Shares held on Admission


Percentage of issued share capital of the Company held on Admission




Michael Rosenberg


16,626,391


4.33




Igor Vatenmacher


2,744,000


0.71




Avi Engel


11,108,334


2.89




 
Total Voting Rights
 
On Admission, the Company's issued ordinary share capital will comprise 384,214,576 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 384,214,576.  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.
 
 
Contacts:
 




Starcom Plc
Michael Rosenberg, Chairman
Avi Hartmann, CEO


 
07785 727595
+972 5477 35663




Allenby Capital Limited (AIM Nominated Adviser and Joint Broker)
Jeremy Porter/Piers Shimwell


020 3328 5656




Peterhouse Capital Limited (Joint Broker)
Lucy Williams/Charles Goodfellow/Eran Zucker


020 7469 0930




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


Michael Rosenberg (Chairman)
Avi Engel (Non-executive Director)
Igor Vatenmacher (Chief Financial Officer)
 




2


Reason for the notification




a)


Position/status


See 1 a) above




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


Issue of ordinary shares for conversion of loan notes




c)


Price(s) and volume(s)






Director/PDMR


 Price(s)


Volume(s)




Michael Rosenberg


1.25p


8,000,000




Avi Engel


1.25p


8,000,000




Igor Vatenmacher


1.25p


1,744,000




 




d)


Aggregated information
- Aggregated volume
- Price








Price(s)


Volume(s)




1.25p


17,744,000




 




e)


Date of the transaction


30 September 2021




f)


Place of the transaction


Outside a trading venue




 
 

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