Location Sciences Group PLC Board and strategic update (4670N)

TIDMLSAI

RNS Number : 4670N

Location Sciences Group PLC

01 June 2022

1 June 2022

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Location Sciences Group PLC

("Location Sciences" or the "Company" or the "Group")

Board and strategic update

Location Sciences (AIM: LSAI) announces that, further to the Company's announcement on 21 June 2021, both Mark Slade and David Rae will leave their positions as employees and directors of the Company on 22 June 2022. Simon Wilkinson and Nigel Burton will continue in their capacities of Non-Executive Chairman and Non-Executive Director respectively.

The Company will retain access, on a consultancy basis via a third-party contractor, to the necessary skills and resources to enable the ongoing operation of both Location Sciences generally, and the Verify business as the board continues to assess the strategic options for it.

In parallel with this process and in line with the Company's strategy to increase shareholder value, the board continues to explore various options for acquisition candidates. Rather than focusing on the quickest strategy, the board remains committed to securing an opportunity that maximises shareholder value and growth in the medium to long term. Whilst the current economic climate and the ongoing conflict in Ukraine have made the process more challenging than anticipated, the board is confident in delivering shareholder value.

Simon Wilkinson, Non-Executive Chairman, said "It has been a challenging few months at a macro-economic level but we are grateful to our supportive shareholders and feel confident of success in our strategic review of Verify and our search for the right acquisition candidate. I am grateful to Mark and David for their support and involvement in the Company."

For further information please contact:

   Location Sciences Group PLC                      via Allenby Capital 

Simon Wilkinson , Chairman

   Allenby Capital Limited (Nominated Adviser)        Tel: [phone] 

David Hart

Vivek Bhardwaj

   Turner Pope Investments (TPI) Ltd (Broker)         Tel: [phone] 

James Pope

Andy Thacker

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDSDWFMFEESEDI

(END) Dow Jones Newswires

June 01, 2022 02:00 ET (06:00 GMT)