Equity Subscription and TVR
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The Company is pleased to announce that it has successfully raised £0.813 million gross and net, by way of an equity subscription for 6,500,000 ordinary shares of 1 pence each in the Company ("Subscription Shares") at 12.5 pence per Ordinary Share, (the "Subscription Price") (the "Subscription").
The Subscription Price is at a two per cent discount to the closing price of the Ordinary Shares on 4 June 2024.
£0.75 million of the Subscription is from a new investor, NR Holdings Limited. John Wilson, Insig AI Chairman, also subscribed for £62,500 of shares. Further details of John Wilson's subscription are provided in the PDMR dealing table at the end of this announcement.
It is intended that the proceeds of the Subscription will be utilised to invest in sales and marketing as well as for working capital purposes.
Richard Bernstein, Chief Executive commented: "We're delighted to welcome a new investor of this calibre at a time when the Company is laser focused on converting its strong machine learning repository and data science capabilities into client wins and growing and sustainable revenues.
Total voting rights
Application will be made to the London Stock Exchange for admission of the Subscription Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Subscription Shares will commence on or around 11 June 2024.
Following the issue of 6,500,000 Subscription Shares, the issued share capital and total voting rights of the Company will be 117,745,137. Shareholders may use this figure 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, the Company under the FCA's Disclosure Guidance and Transparency Rules.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | John Wilson |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Chairman |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Insig AI plc |
| b) | LEI | 21380098CKBAG1NWCD98 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 1 pence each |
| Identification code | GB00BYV31355 | |
| b) | Nature of the transaction | Purchase of shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 12.5 pence | 500,000 | |
| d) | Aggregated information | N/A single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 4 June 2024 |
| f) | Place of the transaction | London Stock Exchange |
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