REG - Tekcapital plc MicroSalt PLC - MicroSalt Admission to AIM First Day of Dealings

TekcapitalAnnouncement

01/02/2024 07:15

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RNS Number : 6011B  Tekcapital plc  01 February 2024

1 February 2024

Tekcapital Plc

("Tekcapital", the "Company" or "the Group")

MicroSalt® Admission to AIM and First Day of Dealings

 

Tekcapital Plc (AIM: TEK) the UK intellectual property investment group
focused on creating valuable products that can improve people's lives, is
delighted to announce that MicroSalt® plc ("Microsalt") ordinary shares have
been admitted to trading on the AIM market of the London Stock Exchange plc
("Admission") and dealings in the Ordinary Shares have commenced at 8.00 a.m.
today, 1 February 2024, under the ticker SALT.

 

Admission highlights

 

·    Market capitalisation of approximately £18.5 million on Admission.

·    Successful fundraise totalling approximately £3.14 million (before
expenses).

·   Tekcapital holds a 77.24% interest in MicroSalt, which at the listing
price of 43p per ordinary share, is valued at approximately £14.3m on
Admission.

 

Rick Guiney, CEO of MicroSalt, said:

 

"We are delighted to announce our successful fundraise and admission to AIM,
which is an important step in our development and provides an excellent
platform for future growth. The World Health Organisation has stated ambitions
to reduce sodium intake by 30% by 2025, and MicroSalt is extremely well placed
to help meet the rising demand for lower sodium products with our disruptive,
proprietary product and manufacturing process."

 

According to the WHO 1 , "Implementing highly cost-effective sodium reduction
policies could save an estimated 7 million lives globally by 2030."

 

Dr Clifford Gross, CEO of Tekcapital, said:

 

"Tekcapital's mission is to commercialise new technologies that can improve
the quality of life of the customers we serve. MicroSalt has established a new
category of full-flavour, low sodium salt, and has demonstrated initial
success in onboarding two major B2B companies to incorporate MicroSalt into
their existing products and has placed its saltshakers and crisps in hundreds
of stores. It's become clear to us, that up until now, there hasn't been a
food ingredient that could accomplish sodium reduction without sacrificing
flavour. That has now changed. We're excited that MicroSalt has completed its
IPO and we are looking forward to their future growth and success. "

 

Tekcapital holds 33,305,749 ordinary shares of MicroSalt plc which are subject
to a 12-month lock-in period from the date of admission. This includes
2,588,140 new ordinary shares which Tekcapital subscribed for in the
fundraising at the listing price. Additionally, Tekcapital holds approximately
2.6m warrants exercisable for a period of three years from the date of
Admission at 10% above the IPO price.

 

About MicroSalt® plc

MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt
called MicroSalt®. We are passionate about improving peoples' lives with
better-for-you seasonings and snacks by taking the lead in the industry by
providing the best low-sodium salt solution, based on the mechanical
transformation of the salt particle itself. This solution is the only one that
delivers real salt flavour because it is salt. Our new patented technology
produces salt crystals that are approximately one hundred times smaller than
typical table salt, delivering a powerful saltiness as the micro-grains
dissolve in the mouth, with approximately 50% less sodium consumption.
Additionally, the ultra-small particle size enhances product adhesion, which
reduces waste and provides improved flavour consistency. MicroSalt® and
SaltMe® are registered trademarks of MicroSalt Inc.

 

To learn more about MicroSalt please visit https://www.microsalt.co
(https://www.microsalt.co)

 

Zeus Capital acted as Nominated Adviser and sole Broker to MicroSalt and SP
Angel Corporate Finance LLP served as placement sub-agent.

 

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed
discoveries that can enhance people's lives and provides a range of technology
transfer services to help organisations evaluate and commercialise new
technologies. Tekcapital is quoted on the AIM market of the London Stock
Exchange (AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com (http://www.tekcapital.com) .

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

 Tekcapital Plc                                                                                                        Via Flagstaff IR
 Clifford M. Gross, Ph.D.

 SP Angel Corporate Finance                                                                                            +44 (0) 20 3470 0470
 LLP
 (Nominated Adviser and Broker)
 Richard Morrison / Charlie Bouverat (Corporate Finance)

 Rob Rees (Corporate Broking)

 

Flagstaff Strategic and Investor
Communications
       +44 (0)207 129 1474

Tim Thompson/Andrea Seymour/Fergus Mellon

tekcapital@flagstaffcomms.com

 

This press release is for informational purposes only. The information herein
does not constitute investment advice nor an offer to invest and may contain
statements related to our future business and financial performance and future
events or developments involving MicroSalt that may constitute forward-looking
statements. These statements may be identified by words such as "expect,"
"look forward to," "anticipate" "intend," "plan," "believe," "seek,"
"estimate," "will," "project" or words of similar meaning. We may also make
forward-looking statements in other reports, in presentations, in material
delivered to customers, stakeholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking statements.
Such statements may be based on the current expectations and certain
assumptions of MicroSalt's and/or Tekcapital's management. Please note that
these are subject to a number of risks, uncertainties and factors, including,
but not limited to those described in various disclosures. Should one or more
of these risks or uncertainties materialize, or should underlying expectations
not occur or assumptions prove incorrect, actual results, performance or
achievements of MicroSalt or Tekcapital may vary materially from those
described explicitly or implicitly in the relevant forward-looking statement.
Neither MicroSalt nor Tekcapital intends, nor assumes any obligation, to
update or revise these forward-looking statements in light of developments
which differ from those anticipated.

 

 1 
https://www.who.int/news/item/09-03-2023-massive-efforts-needed-to-reduce-salt-intake-and-protect-lives
(https://www.who.int/news/item/09-03-2023-massive-efforts-needed-to-reduce-salt-intake-and-protect-lives)

 

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