(Alliance News) - Location Sciences Group PLC on Tuesday announced plans to change its name, its CEO and its CFO after agreeing a reverse takeover of Sorted Holdings Ltd.
Late on Tuesday morning in London, the stock was trading 36% higher at 0.19 pence.
The Cheltenham, England-based location data verification company said that once the acquisition is complete, the newly enlarged group will officially change its name to Sorted Group Holdings PLC.
Location Sciences also, with immediate effect, announced the appointments of its new chief executive officer and chief financial officer.
Carmen Carey has taken over from Mark Slade as CEO, while Mahmoud Warriah replaces David Rae as CFO. Carey is currently CEO of Sorted Holdings, with Warriah serving as its interim CFO and as a non-executive investor director.
Location Sciences has agreed to acquire Sorted Holdings' entire share capital for aggregate nominal consideration of around GBP66.73, to be paid in cash upon completion. The acquisition constitutes a reverse takeover.
The two companies entered exclusive non-binding heads of terms regarding the transaction back in late June, at which point Location Sciences' shares were suspended from trading on AIM.
Location Sciences will assume GBP4.7 million in debt from Manchester-based Sorted Holdings, which operates the 'Delivery Experience' software as a service platform for various retailers including Marks & Spencer, ASOS and Asda.
Also on Tuesday, Location Sciences said it raised approximately GBP2.0 million from the issue of 2.3 million shares at 87.50p each in connection with the acquisition.
Location Sciences has called a general meeting on February 16, for shareholders to approve the reverse takeover. Its shares were restored to trading on AIM on Tuesday morning.
By Emma Curzon, Alliance News reporter
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