6 Oct 2023 07:00
6 October 2023
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")
Update on proposed acquisition of Sorted Holdings Limited
Further to the Company's announcement on 28 June 2023, Location Sciences (AIM: LSAI) is pleased to provide an update on its proposed acquisition of the entire issued share capital of Sorted Holdings Limited ("Sorted") (the "Proposed Acquisition").
Significant progress has been and continues to be made by the Company and its advisers in respect of preparing the necessary transaction documentation in relation to the Proposed Acquisition, including work on all aspects of the due diligence process associated with a transaction of this nature. In addition, the respective boards of Location Sciences and Sorted continue to work together in analysing the growth opportunities which should accrue to the enlarged business should the Proposed Acquisition occur.
Simon Wilkinson, Chairman of Location Sciences, commented:
"The proposed acquisition of Sorted is a significant step for Location Sciences and, whilst this is taking time due to the nature of the processes designed to protect all shareholders, we are delighted with the progress we have made thus far and that our advisers are continuing to work hard on the transaction to bring it to fruition."
Carmen Carey, CEO of Sorted, commented:
"Alongside pushing forward with the transaction, I am pleased with the important progress we have made at Sorted, including streamlining operations, expanding the customer base and increasing shipment volumes with our existing customers. This all bodes well for the future of Sorted."
The Company will release further announcements as and when appropriate.
For further information please contact:
Location Sciences Group PLC via Allenby Capital
Simon Wilkinson, Chairman
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0)20 3328 5656
David Hart
Vivek Bhardwaj