AIM Schedule One - Location Sciences Group Plc

RNS Number : 2648B

AIM

30 January 2024

 

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:

Location Sciences Group Plc ("Location Sciences" or the "Company") to be renamed Sorted Group Holdings Plc ("Sorted Group")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES):

Registered office: First Floor St James House St James Square Cheltenham Gloucestershire GL50 3PR   Current trading address: Rose Lane Business Centre 51-59 Rose Ln Norwich NR1 1BY   Trading address from admission: Level Six 111 Piccadilly Manchester England M1 2HY

COUNTRY OF INCORPORATION:

England & Wales

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

Current: www.locationsciencesgroup.ai Post admission: www.sorted.com

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:

Location Sciences is proposing to acquire the entire issued share capital of Sorted Holdings Limited ("Sorted") for a nominal consideration of £1.00 (the "Acquisition").   Sorted operates a software-as-a-service (SaaS) business model providing delivery experience software which serves ecommerce retailers - from large, global enterprises to smaller, independent start-ups.   The Sorted delivery experience platform has three core propositions, comprising:   (1) Ship - carrier management, carrier allocation and ecommerce checkout optimisation; (2) Track - post-purchase parcel tracking and customer communications; and (3) Return - refunds and exchanges management   (together the "Delivery Experience Platform").   Sorted's Delivery Experience Platform offers ecommerce retailers an end-to-end post-purchase solution, through its optimisation of checkout delivery options, automated carrier management, post-purchase analytics, tracking updates and returns process automation. Sorted's main country of operation is the UK and notable customers include Marks & Spencer plc, ASOS Plc and Asda Stores Limited.   Pursuant to Rule 14 of the AIM Rules for Companies, the Acquisition constitutes a reverse takeover. Shareholder approval for the Acquisition is being sought at a general meeting convened for 12 February 2024.

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):

Number of ordinary shares of £0.625 each ("Ordinary Shares") for which admission will be sought at an issue price of 87.50 pence:    Description Number of Ordinary Shares Number of Ordinary Shares in Location Sciences (following a share consolidation):                      4,236,140 Number of Subscription Shares                             2,285,712 Number of Remuneration Shares                                137,142 Number of CLN Shares 980,711 Total:                             7,639,705   No Ordinary Shares are held in treasury and there are no restrictions on the transfer of the Ordinary Shares.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised on admission: approximately £2.0 million via a subscription for new Ordinary Shares.   Anticipated market capitalisation on admission: approximately £6.68 million.

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

Post admission: 44.46 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:

None

THE COMPANY HAS APPLIED FOR THE VOLUNTARY CARBON MARKET DESIGNATION (Y/N)

No

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):

Simon John Wilkinson - Non-Executive Chair Carmen Christine Carey - Chief Executive Officer Mahmoud Hamid Warriah - Chief Financial Officer Dr. Nigel John Burton - Non-Executive Director Petar Cvetkovic - 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):

Name At publication of the admission document Post admission Richard Ian Hughes 7.55% 4.19% Mahmud Abdullah Kamani 7.55% 4.19% Monecor (London) Limited 5.36% 2.97% Turner Pope Investments (TPI) Ltd 5.00% 2.77% Spreadex Limited* 4.54% 2.52% Cantor Fitzgerald Europe 4.23% 2.35% Simon John Wilkinson 3.78% 2.99% Dr. Nigel John Burton 3.21% 2.68% Shard Credit Partners Venture Debt Fund I LP 0.00% 36.02% SDI (Retail Co 8) Limited 0.00% 3.74%   *Spreadex Limited's current interest in the Company is held via a contract for difference/spreadbet financial instrument.

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

Arete Capital Partners LLP

(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)         With respect to Location Sciences Group Plc, 30 June 2023 (unaudited interim financial information) With respect to Sorted Holdings Limited, 31 March 2023 (unaudited interim financial information) iii)         30 June 2024 (annual report for the year ended 31 December 2023); 30 September 2024 (interim report for the six months ended 30 June 2024); 30 June 2025 (annual report for the year ended 31 December 2024)

EXPECTED ADMISSION DATE:

19 February 2024

NAME AND ADDRESS OF NOMINATED ADVISER:

Allenby Capital Limited 5 St Helen's Place London EC3A 6AB

NAME AND ADDRESS OF BROKER:

Turner Pope Investments (TPI) Limited 8 Frederick's Place London England EC2R 8AB

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:

A copy of the AIM admission document containing full details about the applicant and the admission of its securities will be available on the Company's website at www.locationsciencesgroup.ai and from the date of the Company's admission on the Company's new website at www.sorted.com.

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

DATE OF NOTIFICATION:

30 January 2024

NEW/ UPDATE:

New

 

 

 

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