13 Dec 2018 14:30
Prior to publication, this announcement contained inside information within the meaning of Article 7 of the EU Market Abuse Regulation 596/2014. With the publication of this announcement, this information is now considered to be in the public domain
13 December 2018
Location Sciences Group PLC
("Location Sciences" or the "Company")
Result of Open Offer
Highlights
· Gross proceeds of £188,748 raised in the Open Offer
· In aggregate, the Company has raised a total of £2.95 million in the Placing and Open Offer
· Net proceeds of the Placing and Open Offer to be used primarily to seek to deliver the potential of the Company's Verify product globally, particularly in the United States
Open Offer
Further to the Company's announcements of 26 November 2018, Location Sciences Group PLC (AIM: LSAI), a leading mobile location data intelligence company, announces that it has raised gross proceeds of £188,748 in the Open Offer, which closed for acceptances at 10.00 a.m. today. The Company received valid acceptances from Qualifying Shareholders in respect of 8,388,780 Open Offer Shares, including applications for 2,527,706 Open Offer Shares under the Excess Application Facility. This represents 40.0 per cent. of the maximum Open Offer Shares available under the Open Offer.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the admission of the 8,388,780 Open Offer Shares to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 14 December 2018. The 8,388,780 Open Offer Shares will, on Admission, rank pari passu with the Company's existing Ordinary Shares. Following Admission, the Enlarged Share Capital will comprise 341,044,439 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Verify
The Company has now raised, in aggregate, £3.36 million (before expenses) since 14 June 2018. Location Sciences will use the net proceeds of the Placing and the Open Offer primarily to seek to deliver the potential of the Company's Verify product globally, particularly in the United States.
The Company successfully launched its platform 'Verify' earlier this year to combat location ad-fraud. Verify protects advertisers against location ad-fraud by ensuring their location-based adverts are delivered to their intended audiences.
Mark Slade, Chief Executive Officer, of Location Sciences, commented: "We are pleased to have raised a further £0.2 million through the Open Offer to further drive our leadership in ad location data verification. This is a significant milestone in the business and we would like to thank our shareholders for their continued support. We are excited for what 2019 has in store, as we continue to invest in our products, expand internationally and develop our team."
New investors who are seeking to apply for Enterprise Investment Scheme tax reliefs, can contact the Company for further information via the following email address: eis@locationsciences.ai
Save as defined herein, capitalised terms used in this announcement have the same meaning as in the Open Offer Circular, posted to Qualifying Shareholders on 27 November 2018.
For further information please contact:
Location Sciences Group PLC | via Milk and Honey PR |
Mark Slade, Chief Executive Officer |
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David Rae, Chief Financial Officer |
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Stockdale Securities Limited | Tel: +44 (0)20 7601 6100 |
Tom Griffiths |
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Ed Thomas |
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Milk & Honey PR |
Tel: +44 (0)20 3637 7310 |
Kirsty Leighton |
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Harriet King |
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About Location Sciences Group PLC:
Location Sciences is a leading mobile location data intelligence company. Through its machine learning and pattern recognition expertise, Location Sciences provides its customers with a range of services, including location verification, online to offline attribution, out of home (OOH) solutions, location planning and consumer behaviour insights.
Verify is a bespoke solution built by Location Sciences to extract the full value of location-based advertising campaigns. Verify protects advertisers against location ad-fraud by ensuring their location-based adverts are targeting the right audiences. Through Verify, advertisers have access to real time insights into how their advertising campaigns are performing, enabling them to cut wastage and enhance effectiveness.
Location Sciences works in partnership with brands, agencies, OOH media owners and technology partners to extract the full value of mobile location data.