Insig AI Plc Admission to Aim and First Day of Dealings (0000Y)
10 May 2021 - 4:00PM
UK Regulatory
TIDMINSG
RNS Number : 0000Y
Insig AI Plc
10 May 2021
10 May 2021
Insig AI Plc
("Insig AI" or the "Company")
Admission to Aim and First Day of Dealings
Insig AI Plc (AIM: INSG), a leading AI and machine learning
company serving the asset management industry, is pleased to
announce its admission to trading on AIM ("Admission") following
the reverse takeover of Catena Group plc.
The number of ordinary shares in issue immediately after
Admission will be 98,653,174, giving the Company a market
capitalisation of approximately GBP88 million based upon the
closing share price of the Company of 89.0 pence per share on 7 May
2021. The Company has changed its name to Insig AI Plc and its TIDM
to INSG, with dealings in the Company's shares commencing at 08.00
a.m. today, 10 May 2021.
About Insig AI
Insig AI (formerly Insight Capital) is a data science and
machine learning solutions company that provides bespoke web-based
applications, advanced analytical tools, and modern technology
infrastructure to make machine learning accessible to investment
professionals.
Insig AI's products and services provide the critical components
needed for a modern, data-driven investing strategy, including data
strategy development, technology & cloud infrastructure, data
ingestion, machine learning and analytics, and data
visualisation.
The Company's product suite is designed to transform an asset
manager's data infrastructure and machine learning capabilities to
deliver actionable and measurable results. Specifically, the
products are:
-- Insig Portfolio - a multi-asset data-science and machine
learning platform designed to enhance investment strategies and
enable portfolio interrogation and performance attribution while
delivering actionable and explainable results.
-- Insig ESG - A tool for developing and executing a data-led
ESG investing strategy; providing credible, transparent and
evidence-based scoring based upon standard or bespoke
methodologies.
-- Insig Data - A data transformation tool for cleaning,
structuring and categorising proprietary and third-party data to
enable machine learning and other data analytics via Insig or
client applications.
-- Insig Docs - A microservice application that intelligently
extracts, tags and stores documents based and unstructured data
using cutting edge text extraction and elastic database
technology.
-- Insig Exceleton - A tool that converts complex Excel
spreadsheets into Python code, enabling an accelerated transition
to a modern, machine learning and data analytics enabled
strategy.
Admission Highlights:
-- Successfully raised GBP6.1 million (before expenses) via a
placing of 9,172,375 new ordinary shares at 67 pence per share, a
14 per cent. premium to the closing share price of the Company of
59 pence per share on 2 September 2020, being the last business day
before the Company's ordinary shares were suspended from
trading.
-- The funds will be used by Insig AI to pay the cash
consideration due to the vendors and for general working capital
purposes, namely investing in Insig AI's team of developers,
engineers and sales and marketing employees to accelerate product
growth and business development activities.
Steve Cracknell, CEO, Insig AI Plc, said: "Our listing today
will accelerate the development of Insig AI. We believe there is a
huge market opportunity as the environment for asset managers and
other investment professionals becomes more challenging with
limited organic growth, volatile market returns, and pressure on
fees. Technology can play a critical role in helping the asset
management industry navigate these issues. Many in the asset
management industry have hardly begun implementing AI solutions and
capitalising on the potential analytical and profitability
benefits. Data-rich financial services companies stand to benefit
significantly to enhance investing strategies with data insights.
We are confident in the future of Insig AI and our ability to
deliver sustainable, long-term value to our shareholders."
For further information, please visit www.insg.ai , or
contact:
Insig AI Plc Via SEC Newgate
Steve Cracknell, CEO
Zeus Capital Limited (Nominated Adviser
& Broker)
David Foreman / Rishi Majithia / James
Hornigold +44 (0) 203 829 5000
SEC Newgate (Financial PR) +44 (0) 7540 106 366
Robin Tozer / Tom Carnegie / Richard Bicknell insigai@secnewgate.co.uk
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