Insig AI Plc Directors gift shares to Company treasury & TVR (3959K)

TIDMINSG

RNS Number : 3959K

Insig AI Plc

21 December 2022

21 December 2022

Insig AI plc

("Insig AI" or the "Company")

Directors gift shares to treasury for Company's benefit and total voting rights

Insig AI plc (AIM:INSG), the data science and machine learning solutions company serving the asset management industry, is pleased to announce that following the publication of the Company's interim results to 30 September 2022, founders Steve Cracknell and Warren Pearson, Chief Product Officer and Chief Technology Officer have gifted at nil value a substantial proportion of their founder shares to the Company to be held in treasury and to be used at the discretion of the Company. It is expected that these shares will predominately be issued to third parties or partners who are expected to help generate revenues, or add long term value to the business, but also to employees and other stakeholders as payments or bonuses in lieu of cash.

Steve Cracknell has today gifted 4,500,000 of his 10,818,293 ordinary shares of 1p each ("Shares") and Warren Pearson has gifted 2,500,000 of his 4,828,082 Shares. These combined 7,000,000 Shares equate to 6.62 per cent. of the Company's issued share capital.

The Board of Directors, excluding Steve Cracknell and Warren Pearson who are involved in the transaction as related parties, consider, having consulted with Zeus Capital, its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Total Voting Rights

Following the transaction, the issued share capital of the Company remains unchanged at 105,675,645 although the Company now holds 7,000,000 Shares in treasury. The total voting rights in the Company is now 98,675,645 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Insig AI under the FCA's Disclosure Guidance and Transparency Rules.

Following the transfer of Shares, Steve Cracknell holds 6,318,293 Shares representing 6.4% of the total voting rights and Warren Pearson holds 2,328,082 Shares representing 2.4% of the total voting rights.

Colm McVeigh, Chief Executive commented: "I am grateful to Steve and Warren for enabling shares valued today at over GBP1.1 million to be utilised for the Company's future benefit. These Shares are a valuable tool for the Board, allowing us to work with third parties or partners who we expected to help generate revenues or add long term value to our business, while incentivising and retaining the talent in our teams, which is in the best interest of our business and all our stakeholders."

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

 
 Insig AI plc 
  Colm McVeigh (CEO) 
 Zeus (Nominated Adviser & Broker) 
  David Foreman / James Hornigold / 
  Danny Philips                                   [phone] 
 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                      Warren Pearson 
     -----------------------------------------  ------------------------------------- 
 2.   Reason for the notification 
     -------------------------------------------------------------------------------- 
 a)   Position/status:                           Director 
     -----------------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment:            Initial notification 
     -----------------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------- 
 a)   Name:                                      Insig AI Plc 
     -----------------------------------------  ------------------------------------- 
 b)   LEI:                                       21380098CKBAG1NWCD98 
     -----------------------------------------  ------------------------------------- 
 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 financial instrument,   Ordinary shares of 1 
       type of instrument:                        pence 
       Identification code:                       GB00BYV31355 
     -----------------------------------------  ------------------------------------- 
 b)   Nature of the transaction:                 Transfer of ordinary 
                                                  shares 
     -----------------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s):                      Price(s)    Volume(s) 
                                                    nil         2,500,000 
                                                               ---------- 
     -----------------------------------------  ------------------------------------- 
 d)   Aggregated information:                    Single transaction as 
       Aggregated volume:                         in 4 c) above Price(s)    Volume(s) 
       Price:                                      nil         2,500,000 
                                                              ---------- 
     -----------------------------------------  ------------------------------------- 
 e)   Date of the transaction:                   20 December 2022 
     -----------------------------------------  ------------------------------------- 
 f)   Place of the transaction:                  Off-market 
     -----------------------------------------  ------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                      Steven Cracknell 
     -----------------------------------------  ------------------------------------- 
 2.   Reason for the notification 
     -------------------------------------------------------------------------------- 
 a)   Position/status:                           Director 
     -----------------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment:            Initial notification 
     -----------------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------- 
 a)   Name:                                      Insig AI Plc 
     -----------------------------------------  ------------------------------------- 
 b)   LEI:                                       21380098CKBAG1NWCD98 
     -----------------------------------------  ------------------------------------- 
 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 financial instrument,   Ordinary shares of 1 
       type of instrument:                        pence 
       Identification code:                       GB00BYV31355 
     -----------------------------------------  ------------------------------------- 
 b)   Nature of the transaction:                 Transfer of ordinary 
                                                  shares 
     -----------------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s):                      Price(s)    Volume(s) 
                                                    nil         4,500,000 
                                                               ---------- 
     -----------------------------------------  ------------------------------------- 
 d)   Aggregated information:                    Single transaction as 
       Aggregated volume:                         in 4 c) above Price(s)    Volume(s) 
       Price:                                      nil         4,500,000 
                                                              ---------- 
     -----------------------------------------  ------------------------------------- 
 e)   Date of the transaction:                   20 December 2022 
     -----------------------------------------  ------------------------------------- 
 f)   Place of the transaction:                  Off-market 
     -----------------------------------------  ------------------------------------- 
 

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

MSCEAAAEASEAFAA

(END) Dow Jones Newswires

December 21, 2022 02:00 ET (07:00 GMT)