Insig AI Plc Convertible Loan Notes

RNS Number : 8841U

Insig AI Plc

03 July 2024

 

3 July 2024

Insig AI plc

("Insig AI" or the "Company")

 

Convertible Loan Notes

 

Insig AI plc (AIM: INSG), the data science and machine learning group, is pleased to announce the redemption dates of the Company's existing convertible loan notes ("CLN") of £1,000,000 and £500,000 issued to Richard Bernstein and David Kyte respectively, have been extended to 30 September 2025.

 

In addition, the Company has agreed with Richard Bernstein that the interest due of 8 per cent. per annum on the CLN issued to him be reduced to 6.0% per annum, effective 1 July 2024. The interest rate of 12.0% per annum on the CLN issued to David Kyte remains unchanged.

 

The revised terms of the CLN issued to Richard Bernstein, due to him being a director of the Company, is deemed to be a related party transaction pursuant to AIM Rule 13. The directors of the Company (excluding Richard Bernstein), having consulted with Zeus Capital Limited, the Company's nominated adviser, consider that the revised terms of the CLN issued to Richard Bernstein are fair and reasonable insofar as the Company's shareholders are concerned.

 

 

 

For further information, please visit www.insg.ai or contact:

 

Insig AI plc                                                                                        [e-mail]

Richard Bernstein (CEO)          

  

Zeus (Nominated Adviser & Broker)

David Foreman / James Hornigold                                                         [phone]

 

 

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