REG - AIM MicroSalt PLC - Schedule One Update - MicroSalt plc

TekcapitalAnnouncement

21/12/2023 08:15

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RNS Number : 5107X  AIM  21 December 2023

 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE
 WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

 COMPANY NAME:
 MicroSalt plc (the "Company" or "MicroSalt")

 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS
 (INCLUDING POSTCODES) :
 12 New Fetter Lane

 London

 EC4A 1JP

 COUNTRY OF INCORPORATION:
 United Kingdom

 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:
 TBC

 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN
 INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS
 SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
 STATED:
 The Company has developed a patent protected and scalable manufacturing
 process that produces a salt crystal that is approximately 100 times smaller
 than traditional salt, with an average size of less than 20 microns. Due to
 its micron sized particles, MicroSalt has improved adhesion to food (compared
 with traditional salt crystals) and dissolves much faster on the tongue,
 thereby delivering the same sense of saltiness as traditional snacks but using
 approximately half the amount of sodium.

 The Company was founded in 2016 by Dr Clifford Gross and the Tekcapital group
 following the acquisition of the low-sodium salt composition patent from two
 pre-eminent food scientists who were the initial developers of the technology.
 Operations commenced in 2018 and have been predominantly funded by the
 Tekcapital group through convertible loan notes.

 Demand for reduced sodium and 'clean' product labels across both B2B and B2C
 channels has increased significantly due to enhanced governmental and societal
 pressure for healthier products. As a result, the Company's primary strategy
 is to partner with brands seeking to reduce the sodium content in their foods,
 for both existing and new product lines. Recent commercial progress spans
 multiple FMCGs and national retailers in the US as part of its B2B focused
 strategy, whilst its products are already sold in over 1,000 stores across
 premium and/or health focused retailers across the US. This is complemented by
 a DTC presence on the world's largest e-commerce platform.

 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER
 OF THE SECURITIES (i.e. where known, number and type of shares, nominal value
 and issue price to which it seeks admission and the number and type to be held
 as treasury shares):
 TBC million Ordinary Shares of £0.001625 each at an issue price of TBC pence

 CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED
 MARKET CAPITALISATION ON ADMISSION:
 £TBC million primary proceeds to be raised on Admission

 Anticipated market capitalisation on admission: £TBC million

 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
 TBC per cent.

 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES
 (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:
 N/A

 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the
 first name by which each is known or including any other name by which each is
 known):
 Judith Margaret Batchelar - Non-Executive Chair

 Richard (Rick) Andrew Guiney - Chief Executive Officer

 Konrad Wojciech Dabrowski - Chief Financial Officer

 Gary Martin Urmston - Independent Non-Executive Director

 Daniel (Dan) Edward Emery - Independent Non-Executive Director

 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE
 OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first
 name by which each is known or including any other name by which each is
 known):

              Prior to Admission                                    On Admission
 Name                       Number of Shares  Percentage of Issued Share Capital  Number of Shares  Percentage of Issued Share Capital
 Tekcapital Europe Limited  30,747,609        87.24                               TBC               TBC
 VHM Global Research Inc.   2,090,812         5.93                                TBC               TBC

 

 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
 (H) OF THE AIM RULES:
 N/A

 (i)         ANTICIPATED ACCOUNTING REFERENCE DATE

 (ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE
 ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
 interim financial information)

 (iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
 PURSUANT TO AIM RULES 18 AND 19:
 (i)         31 December

 (ii)        30 June 2023 (unaudited interim financial information)

 (iii)       30 June 2024 (audited annual results for the year ending 31
 December 2023)

 30 September 2024 (unaudited results for the 6 months ending 30 June 2024)

 30 June 2025 (audited annual results for the year ending 31 December 2024)

 EXPECTED ADMISSION DATE:
 Late January 2024

 NAME AND ADDRESS OF NOMINATED ADVISER:
 Zeus Capital Limited

 125 Old Broad Street

 London

 EC2N 1AR

 NAME AND ADDRESS OF BROKER:
 Zeus Capital Limited

 125 Old Broad Street

 London

 EC2N 1AR

 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
 INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
 STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
 ADMISSION OF ITS SECURITIES:
 The admission document, which will contain full details of the applicant and
 its securities, will be available from TBC.

 THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY
 QCA Corporate Governance Code

 DATE OF NOTIFICATION:
 21 December 2023

 NEW/ UPDATE:
 UPDATE

 

 

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
(H) OF THE AIM RULES:

N/A

 

(i)         ANTICIPATED ACCOUNTING REFERENCE DATE

(ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE
ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)

(iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:

(i)         31 December

(ii)        30 June 2023 (unaudited interim financial information)

(iii)       30 June 2024 (audited annual results for the year ending 31
December 2023)

30 September 2024 (unaudited results for the 6 months ending 30 June 2024)

30 June 2025 (audited annual results for the year ending 31 December 2024)

 

EXPECTED ADMISSION DATE:

Late January 2024

 

NAME AND ADDRESS OF NOMINATED ADVISER:

Zeus Capital Limited

125 Old Broad Street

London

EC2N 1AR

 

NAME AND ADDRESS OF BROKER:

Zeus Capital Limited

125 Old Broad Street

London

EC2N 1AR

 

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
ADMISSION OF ITS SECURITIES:

The admission document, which will contain full details of the applicant and
its securities, will be available from TBC.

 

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

 

DATE OF NOTIFICATION:

21 December 2023

 

NEW/ UPDATE:

UPDATE

 

 

 

 

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