Retail Offer to raise up to £100,000
MicroSalt PLC is launching a retail offer to raise up to £100,000 by issuing up to 714,285 new ordinary shares at 14 pence per share, with each share including a warrant to subscribe for another share at the same price within three years. This offer, which follows a significantly over-subscribed subscription that raised approximately £1.3 million and an expected director subscription of £140,000, aims to provide general working capital. The total fundraising, if the retail offer is fully subscribed, will reach approximately £1.5 million before expenses. The company, currently in its commercialisation phase and a monthly net user of cash, anticipates significant revenue increases and cash flow positivity in the final quarter of 2026 with the introduction of a third product line from a major snack and beverage company. The retail offer is conditional on shareholder approval at a General Meeting on October 2nd, 2026, with admission of the retail offer shares expected on October 5th, 2026.
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Further to the Result of Subscription announcement released at 2:00 p.m. on 24 September 2026, MicroSalt (AIM: SALT) is pleased to announce a retail offer to existing Shareholders via the Bookbuild Platform (the "Retail Offer") of up to 714,285 new Ordinary Shares (the "Retail Offer Shares") at 14 pence per share (the "Issue Price"), to raise up to £100,000 (before expenses).
The Issue Price is the same as that of the Subscription and the Director Subscription, and represents a discount of approximately 3.4 per cent to the closing price of 14.5 pence per Ordinary Share on 9 September 2026, the last trading day before the Ordinary Shares entered the Capital Access Window. The Capital Access Window closed at 2:00 p.m. on 24 September 2026 and trading in the Ordinary Shares has resumed.
Each Retail Offer Share will carry one warrant (a "Fundraising Warrant"), on the same terms as those attached to the Subscription Shares and the Director Subscription Shares, entitling the holder to subscribe for one new Ordinary Share (a "Warrant Share") at 14 pence at any time within three years of Admission. The issue of Warrant Shares is conditional upon, among other things, the Company having, or obtaining, sufficient shareholder authorities at the time of exercise. The Fundraising Warrants will not be admitted to trading on AIM.
The Subscription was significantly over-subscribed and has conditionally raised approximately £1.3 million through the issue of 9,213,858 Subscription Shares, and the Director Subscription is expected to raise a further approximately £140,000. If the Retail Offer is taken up in full, the Fundraising will raise gross proceeds of up to approximately £1.5 million in aggregate (before expenses). The Retail Offer is separate from the Subscription and the Director Subscription.
The Retail Offer is conditional upon, among other things, the passing of the Resolutions at the General Meeting at 11:00 a.m. on 2 October 2026, completion of the Subscription and admission of the Retail Offer Shares to trading on AIM ("Admission"), which is expected to take place at 8:00 a.m. on 5 October 2026. Neither the Subscription nor the Director Subscription is conditional on the Retail Offer or on any minimum take-up under it.
The net proceeds of the Fundraising are expected to be used for general working capital purposes. As at 31 August 2026, the Group had gross cash of approximately US$260,000. The Group remains in its commercialisation phase and is a monthly net user of cash. The Board is optimistic that the third product line from Customer 3, the world’s largest snack and beverage company, will be received in the final quarter of 2026, which is expected to significantly increase the Group’s monthly revenue and move it to being cash flow positive.
Expected Timetable in relation to the Retail Offer
2026
| Retail Offer opens | 8:00 a.m. on 25 September |
| Latest time and date for commitments under the Retail Offer | 5:00 p.m. on 29 September |
| Results of the Retail Offer announced | 7:00 a.m. on 30 September |
| Admission and commencement of dealings in the Retail Offer Shares | 8:00 a.m. on 5 October |
The dates and times above are indicative only and may be subject to change. Any changes will be notified by announcement via a Regulatory Information Service. All times are British Summer Time.
Capitalised terms used but not otherwise defined in this announcement have the meanings given to them in the Company's announcement released at 1:30 p.m. on 16 September 2026.
Dealing Codes
| Ticker | SALT |
| ISIN for the Ordinary Shares | GB00BQB6FF85 |
| SEDOL for the Ordinary Shares | BQB6FF8 |
Retail Offer
The Company values its retail shareholder base, which has supported the Company alongside institutional investors since IPO in 2024. Given the support of retail shareholders, the Company believes that it is appropriate to provide its retail shareholders in the United Kingdom the opportunity to participate in the Fundraising on the same terms as the Subscription. The Company is therefore making the Retail Offer available in the United Kingdom through the financial intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/N7NK27/authorised-intermediaries
The Retail Offer will open to eligible investors in the United Kingdom at 8:00 a.m. on 25 September 2026. The Retail Offer is expected to close at 5:00 p.m. on 29 September 2026. Investors should note that financial intermediaries may have earlier closing times. The Retail Offer may close early if it is oversubscribed.
The Retail Offer the subject of this announcement is and will, at all times, only be made to, directed at and may only be acted upon by those persons who are, shareholders in the Company. To be eligible to participate in the Retail Offer, applicants must meet the following criteria before they can submit an order for Retail Offer Shares: (i) be a customer of one of the participating intermediaries listed on the above website; (ii) be resident in the United Kingdom; (iii) be a shareholder in the Company (which may include individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations and includes persons who hold their shares in the Company directly or indirectly through a participating intermediary); and (iv) not have participated in the Subscription or the Director Subscription. For the avoidance of doubt, persons who only hold CFDs, Spreadbets and/or similar derivative instruments in relation to shares in the Company are not eligible to participate in the Retail Offer.
The Retail Offer Shares (and any Warrant Shares) will, when issued, be credited as fully paid and will rank pari passu in all respects with existing Ordinary Shares including the right to receive all dividends and other distributions declared, made or paid after their date of issue.
There is a minimum subscription of £250.00 per investor under the terms of the Retail Offer which is open to investors in the United Kingdom subscribing via the intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/N7NK27/authorised-intermediaries
There is no maximum application amount to apply in the Retail Offer; however, the Retail Offer is limited to a maximum of 714,285 Retail Offer Shares (£100,000) in aggregate and applications may therefore be scaled back. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.
The Company's LEI is 213800L7WRHP8CCEEQ48.
UK Product Governance Requirements
EU Product Governance Requirements
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