25
January 2024
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")
Term loan facility entered
into with Bidco 3 Limited
and
Holding in
Company
Location Sciences (AIM: LSAI) announces that the Company has entered
into an unsecured term loan facility agreement with Bidco 3 Limited
(the "Lender" or
"Bidco 3") for a total principal amount of up
to £3.0 million (the "Facility"). Bidco 3 is a special
purpose holding company focused on making appropriate strategic
investments.
Background to and reasons for the Facility
As most recently announced by the
Company on 20 December 2023, a considerable amount of work has been
carried out in relation to the Company's proposed acquisition of
the entire issued share capital of Sorted Holdings Limited
("Sorted") (the
"Proposed Acquisition"). As
the Company continues to work towards the finalisation of the
Proposed Acquisition, the Company is cognisant of its existing
overheads and working capital requirements, and those of the
Company following completion of the Proposed Acquisition. In this
respect, the Facility, subject to the satisfaction of certain
customary conditions precedent, will be available for drawdown to
be used for, inter alia,
providing the Company with general working capital.
Key
terms and conditions of the Facility
The Company may utilise the Facility
in one or more tranches, provided that any utilisation of the
Facility is for a minimum amount of £0.5 million, with the
aggregate amount of funds drawn pursuant to the Facility not
exceeding £3.0 million.
Borrowings under the Facility will
accrue interest daily at 1.5 per cent. per month and shall be
repayable on 31 January 2026. The Facility is subject to customary
events of default and an arrangement fee of £125,000 is payable to
the Lender, which can be satisfied in cash or by the issuance of
ordinary shares in the Company at the Lender's option.
Holding in Company
Separate to the above, Location
Sciences was informed on 24 January 2024 that Daron Lee now holds
75,000,000 ordinary shares in the Company, representing
approximately 2.83 per cent of the issued share capital of the
Company.
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
