This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
14 February 2024
Mortgage Chat
PLC
("Mortgage Chat" or the "Company")
Board Changes, New Strategy,
and Issue of Equity
Mortgage Chat (AQSE: MCAI) is
pleased to announce changes to its board, issuance of equity, and
its new strategy.
New
Strategy
The Company is pleased to announce a
strategic pivot towards the development of an artificial
intelligence (AI) platform named Mortgage Chat. This innovative AI
platform will directly connect borrowers and lenders, streamlining
the mortgage acquisition process. Mortgage Chat is designed to
revolutionise the client experience with its intuitive,
conversational interface, simplifying the journey from loan
discovery to finalisation for all parties involved.
Issue of
Equity
The Company has issued 210,000,000
new ordinary shares of 0.01 pence each ("Ordinary Shares") in the
Company at a price of 0.05 pence per share
to raise a total of £105,000. The funds will be used for working
capital and for the development of the new strategy of the
Company.
Application will be made for the
Ordinary Shares, which will rank pari passu with the existing
Ordinary Shares in issue, to be admitted to trading on the AQSE
Growth Market ("Admission"). Dealings are expected to commence on
or around 20 February
2024.
Total Voting
Rights
Following Admission, the Company's
total issued and voting share capital will consist of
3,314,857,144 Ordinary Shares.
The Company does not hold any Ordinary Shares in
treasury.
The above figure may be used by
shareholders 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 and Transparency Rules.
Board
Changes
Following the announcement made on
22 December 2023, the following board changes will be made
effective immediately.
-
Peter Wall joins as Executive Chairman;
-
Philipp Kallerhoff and Sarah Gow join as
Non-Executive Directors;
-
Jeremy Woodgate remains on the Board as
Independent Non-Executive Director;
-
Gavin Sathianathan has stepped down from the board
as Investment Strategy Director.
The following information is
provided for the purpose of Rule 4.9 of the AQSE Growth Market
Access Rulebook.
Peter Wall
Current directorships and/or
partnerships:
|
Former directorships and/or
partnerships (within the last five years):
|
Vernon Blockchain Inc
PNP Studio Ventures Inc.
JEAMP Hodl Co Inc
|
Argo Blockchain PLC
Argo Innovation Labs Inc
Cellular Goods PLC
Weave Technologies
Entobiotics Inc
|
Peter holds 600,000,000 ordinary
shares in the Company.
Philipp Kallerhoff
Current directorships and/or
partnerships:
|
Former directorships and/or
partnerships (within the last five years):
|
Protos Asset Management
GmbH
Langland Software Solutions
Ltd
|
AQRU Plc
Defi Yield Technologies
|
Philipp holds 330,000,000 ordinary
shares in the Company.
Sarah Gow
Current directorships and/or
partnerships:
|
Former directorships and/or
partnerships (within the last five years):
|
None
|
Argo Blockchain PLC
MyGiftClues Ltd
|
Sarah holds 70,000,000 ordinary
shares in the Company.
Related Party Transaction
The Company's articles of association
provide that the Company will indemnify the Company's directors in
relation to liabilities incurred by them in the performance of
their duties as directors of the Company, subject to any
limitations under applicable law. The Company has therefore entered
into deeds of indemnity with each of Peter Wall, Philipp Kallerhoff
and Sarah Gow (the "Indemnities") in connection with their
appointment as directors of the Company. The Indemnities are in
line with those adopted by many leading companies and reflect the
Company's obligations under its articles of association.
Having exercised reasonable care,
skill and diligence, the directors are comfortable that the terms
of the Indemnity are fair and reasonable as far as the shareholders
of the issuer are concerned.
Peter Wall, Executive Chairman said,
"As the new Executive Chairman of Mortgage Chat, I am enthusiastic
about the road ahead. Our current development efforts are laying
the groundwork for what I believe will be a transformative force in
the financial industry. In this era of innovation, Mortgage Chat is
poised to capture the unique opportunities that the fusion of AI
and finance present."
There is no further information to
be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access
Rulebook.
For more information, please visit
the Company's website at https://www.mortgagechat.co/
The Directors of the Company take
responsibility for this announcement.
Mortgage Chat
PLC
|
|
Peter Wall,
Executive Chairman
|
Via First
Sentinel
|
First Sentinel Corporate
Finance
|
|
Brian
Stockbridge, Corporate Adviser
|
+44
20 3855 5551
|