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ANNOUNCEMENT TO BE MADE BY
THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF
THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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Location Sciences Group Plc
("Location Sciences" or the "Company") to be renamed Sorted Group
Holdings Plc ("Sorted Group")
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COMPANY REGISTERED OFFICE ADDRESS AND
IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING
POSTCODES):
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Registered office:
First Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR
Current trading address:
Rose Lane Business Centre
51-59 Rose Ln
Norwich
NR1 1BY
Trading address from admission:
Level Six
111 Piccadilly
Manchester
England
M1 2HY
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COUNTRY OF INCORPORATION:
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England & Wales
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COMPANY WEBSITE ADDRESS CONTAINING
ALL INFORMATION REQUIRED BY AIM RULE 26:
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Current: www.locationsciencesgroup.ai
Post admission:
www.sorted.com
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COMPANY BUSINESS (INCLUDING
MAIN COUNTRY OF OPERATION) OR, IN THE CASE
OF AN INVESTING COMPANY, DETAILS OF ITS
INVESTING POLICY). IF THE
ADMISSION IS SOUGHT AS A RESULT OF A
REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
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Location Sciences is proposing to
acquire the entire issued share capital of Sorted Holdings Limited
("Sorted") for a nominal consideration of £1.00 (the
"Acquisition").
Sorted operates a
software-as-a-service (SaaS) business model providing delivery
experience software which serves ecommerce retailers - from large,
global enterprises to smaller, independent start-ups.
The Sorted delivery experience
platform has three core propositions, comprising:
(1) Ship - carrier management,
carrier allocation and ecommerce checkout optimisation;
(2) Track - post-purchase parcel
tracking and customer communications; and
(3) Return - refunds and exchanges
management
(together the "Delivery Experience
Platform").
Sorted's Delivery Experience
Platform offers ecommerce retailers an end-to-end post-purchase
solution, through its optimisation of checkout delivery options,
automated carrier management, post-purchase analytics, tracking
updates and returns process automation. Sorted's main country of
operation is the UK and notable customers include Marks &
Spencer plc, ASOS Plc and Asda Stores Limited.
Pursuant to Rule 14 of the AIM Rules
for Companies, the Acquisition constitutes a reverse takeover.
Shareholder approval for the Acquisition is being sought at a
general meeting convened for 12 February 2024.
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DETAILS OF SECURITIES TO BE ADMITTED
INCLUDING ANY RESTRICTIONS AS TO TRANSFER
OF THE SECURITIES (i.e. where known, number and type of shares,
nominal value and issue price to which it seeks admission and the
number and type to be held as treasury shares):
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Number of ordinary shares of £0.625
each ("Ordinary Shares") for which admission will be sought at an
issue price of 87.50 pence:
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Description
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Number of Ordinary
Shares
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Number of Ordinary Shares in Location
Sciences (following a share consolidation):
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4,236,140
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Number of Subscription
Shares
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2,285,712
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Number of Remuneration
Shares
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137,142
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Number of CLN Shares
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980,711
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Total:
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7,639,705
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No Ordinary Shares are held in
treasury and there are no restrictions on
the transfer of the Ordinary Shares.
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CAPITAL TO BE RAISED ON ADMISSION
(AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION
ON ADMISSION:
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Capital to be raised on admission:
approximately £2.0 million via a subscription for new Ordinary
Shares.
Anticipated market capitalisation on
admission: approximately £6.68 million.
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PERCENTAGE OF AIM SECURITIES
NOT IN PUBLIC HANDS AT
ADMISSION:
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Post admission: 44.46 per
cent.
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DETAILS OF ANY OTHER EXCHANGE OR
TRADING PLATFORM TO WHICH THE AIM
SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE
ADMITTED OR TRADED:
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None
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THE COMPANY HAS APPLIED FOR THE
VOLUNTARY CARBON MARKET DESIGNATION
(Y/N)
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No
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FULL NAMES AND FUNCTIONS OF
DIRECTORS AND PROPOSED DIRECTORS
(underlining the first name by which each is known or including any
other name by which each is known):
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Simon John
Wilkinson - Non-Executive Chair
Carmen Christine Carey - Chief Executive Officer
Mahmoud Hamid
Warriah - Chief Financial Officer
Dr. Nigel
John Burton - Non-Executive Director
Petar Cvetkovic - Non-Executive Director
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FULL NAMES AND HOLDINGS OF
SIGNIFICANT SHAREHOLDERS EXPRESSED AS A
PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION
(underlining the first name by which each is known or including any
other name by which each is known):
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Name
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At publication of the
admission document
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Post
admission
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Richard Ian
Hughes
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7.55%
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4.19%
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Mahmud Abdullah Kamani
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7.55%
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4.19%
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Monecor (London) Limited
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5.36%
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2.97%
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Turner Pope Investments (TPI)
Ltd
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5.00%
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2.77%
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Spreadex Limited*
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4.54%
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2.52%
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Cantor Fitzgerald Europe
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4.23%
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2.35%
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Simon John
Wilkinson
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3.78%
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2.99%
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Dr. Nigel
John Burton
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3.21%
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2.68%
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Shard Credit Partners Venture Debt
Fund I LP
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0.00%
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36.02%
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SDI (Retail Co 8) Limited
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0.00%
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3.74%
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*Spreadex Limited's current
interest in the Company is held via a contract for
difference/spreadbet financial instrument.
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NAMES OF ALL PERSONS TO BE DISCLOSED
IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM
RULES:
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Arete Capital Partners LLP
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(i)
ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH
THE MAIN FINANCIAL INFORMATION IN THE
ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by
unaudited interim financial information)
(iii) DATES BY WHICH IT
MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND
19:
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i) 31
December
ii) With
respect to Location Sciences Group Plc, 30 June 2023 (unaudited
interim financial information)
With respect to Sorted Holdings
Limited, 31 March 2023 (unaudited interim financial
information)
iii) 30 June
2024 (annual report for the year ended 31 December 2023); 30
September 2024 (interim report for the six months ended 30 June
2024); 30 June 2025 (annual report for the year ended 31 December
2024)
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EXPECTED ADMISSION DATE:
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19 February 2024
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NAME AND ADDRESS OF NOMINATED
ADVISER:
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Allenby Capital Limited
5 St Helen's Place
London
EC3A 6AB
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NAME AND ADDRESS OF
BROKER:
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Turner Pope Investments (TPI)
Limited
8 Frederick's Place
London
England
EC2R 8AB
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OTHER THAN IN THE CASE OF A
QUOTED APPLICANT, DETAILS OF WHERE (POSTAL
OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM,
WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE
APPLICANT AND THE ADMISSION OF ITS SECURITIES:
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A copy of the AIM admission document
containing full details about the applicant and the admission of
its securities will be available on the Company's website at
www.locationsciencesgroup.ai
and from the date of the Company's admission on
the Company's new website at www.sorted.com.
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THE CORPORATE GOVERNANCE CODE THE
APPLICANT HAS DECIDED TO APPLY
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QCA Corporate Governance
Code
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DATE OF NOTIFICATION:
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30 January 2024
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NEW/ UPDATE:
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New
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