Starcom PLC Conversion of loans and Director shareholdings (6972N)

TIDMSTAR

RNS Number : 6972N

Starcom PLC

01 October 2021

1 October 2021

Starcom PLC

("Starcom" or the "Company")

Conversion of loans and Director shareholdings

The Board of Starcom (AIM: STAR), which specialises in the development of wireless, Internet-of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to announce that all the holders of the convertible loan notes issued in March 2020 and due for repayment or conversion by 30 September 2021, have exercised their options to convert these loans into new ordinary shares of Starcom at the conversion price of 1.25p per share. The loan notes were for GBP223,600 in total and accordingly, a total of 19,488,000 ordinary shares ("New Ordinary Shares") will be issued to the lenders as follows:

 
  Lender                                              No. of New Ordinary 
                                                       Shares 
 Montrose Securities Limited, a company controlled 
  by Michael Rosenberg (Non-Executive Chairman)                 8,000,000 
                                                     -------------------- 
 Avi Engel (Non-Executive Director)                             8,000,000 
                                                     -------------------- 
 Igor Vatenmacher (Chief Financial Officer)                     1,744,000 
                                                     -------------------- 
 Starcom employee                                               1,744,000 
                                                     -------------------- 
 

The conversion price is at a premium of approximately 39 per cent. to the most recent closing mid-market share price and reflects the confidence of the lenders in the prospects for the Company.

Application will be made for the New Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective on 7 October 2021.

On Admission, the shareholdings in the Company of the directors concerned will be as follows:

 
 Director                 Total no. of Ordinary         Percentage of issued 
                       Shares held on Admission         share capital of the 
                                                   Company held on Admission 
 Michael Rosenberg                   16,626,391                         4.33 
                     --------------------------  --------------------------- 
 Igor Vatenmacher                     2,744,000                         0.71 
                     --------------------------  --------------------------- 
 Avi Engel                           11,108,334                         2.89 
                     --------------------------  --------------------------- 
 

Total Voting Rights

On Admission, the Company's issued ordinary share capital will comprise 384,214,576 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares with voting rights in the Company will be 384,214,576. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Contacts:

 
 Starcom Plc 
  Michael Rosenberg, Chairman                       07785 727595 
  Avi Hartmann, CEO                                  [phone] 
 Allenby Capital Limited (AIM Nominated Adviser 
  and Joint Broker) 
  Jeremy Porter/Piers Shimwell                     020 3328 5656 
 Peterhouse Capital Limited (Joint Broker) 
  Lucy Williams/Charles Goodfellow/Eran Zucker     020 7469 0930 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 
       Details of the person discharging managerial responsibilities 
   1    / person closely associated 
 a)    Name                        Michael Rosenberg (Chairman) 
                                    Avi Engel (Non-executive Director) 
                                    Igor Vatenmacher (Chief Financial Officer) 
      --------------------------  -------------------------------------------- 
 2     Reason for the notification 
      ------------------------------------------------------------------------ 
 a)    Position/status             See 1 a) above 
      --------------------------  -------------------------------------------- 
 b)    Initial notification        Initial notification 
        /Amendment 
      --------------------------  -------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ------------------------------------------------------------------------ 
 a)    Name                        Starcom plc 
      --------------------------  -------------------------------------------- 
 b)    LEI                         213800XVU7WF3QMF4826 
      --------------------------  -------------------------------------------- 
 4     Details of the transaction(s): section to be repeated for 
        (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions have 
        been conducted 
      ------------------------------------------------------------------------ 
 a)    Description of the          Ordinary Shares of no par value 
        financial instrument, 
        type of instrument          Identification code (ISIN) for Starcom plc 
        Identification              ordinary shares: JE00B8WSDY21 
        code 
      --------------------------  -------------------------------------------- 
 b)    Nature of the transaction   Issue of ordinary shares for conversion 
                                    of loan notes 
      --------------------------  -------------------------------------------- 
 c)    Price(s) and volume(s)      Director/PDMR        Price(s)   Volume(s) 
                                    Michael Rosenberg    1.25p      8,000,000 
                                                        ---------  ---------- 
                                    Avi Engel            1.25p      8,000,000 
                                                        ---------  ---------- 
                                    Igor Vatenmacher     1.25p      1,744,000 
                                                        ---------  ---------- 
      --------------------------  -------------------------------------------- 
 d)    Aggregated information                   Volume(s) 
        - Aggregated volume           Price(s) 
        - Price                      1.25p       17,744,000 
                                                ----------- 
      --------------------------  -------------------------------------------- 
 e)    Date of the transaction     30 September 2021 
      --------------------------  -------------------------------------------- 
 f)    Place of the transaction    Outside a trading venue 
      --------------------------  -------------------------------------------- 
 

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October 01, 2021 02:00 ET (06:00 GMT)