Correction: Director Dealing and CLN Conversion

RNS Number : 0361F

IQ-AI Limited

12 November 2020

 

IQ-AI Ltd

("IQ-AI" or the "Company")

Correction to Director Dealing and Conversion of Loan Notes Announcement

The following amendments have been made to the "Director Dealing and Conversion of Loan Notes" announcement released on 11 November at 07:00.

The original announcement stated that IQ-AI Ltd has received a conversion notice from Free Association Books Limited, converting £40,000 convertible loan notes and the £13,500 associated interest, into 3,566,666 Ordinary Shares. This should have been 3,566,667 Ordinary Shares. It also stated that Trevor Brown will be directly and indirectly interested in 47,557,403 Ordinary Shares, representing approximately 29.63 per cent. of the Company's enlarged issued ordinary share capital. This should have been 47,527,403 Ordinary Shares, representing approximately 29.61 per cent. of the Company's enlarged issued ordinary share capital.

All other details remain unchanged. The full amended text is shown below.

IQ-AI Ltd has received a conversion notice from Free Association Books Limited, converting £40,000 convertible loan notes and the £13,500 associated interest, issued in November 2015, at a price of 1.5 pence, into 3,566,667 Ordinary Shares. Free Association Books Limited ("FAB") is a company in which Trevor Brown, who is CEO of IQ-AI, has an interest. The Company has now fully converted all of the November 2020 convertible loan notes.

In addition, the Company has also received a conversion notice from Trevor Brown, converting £200,000 convertible loan notes and the £20,000 associated interest, issued in March 2018, at a price of 2 pence, into 11,000,000 Ordinary Shares.

In total, Trevor Brown will indirectly or directly be issued a total of 14,566,667 Ordinary Shares (the "CLN Shares"). In addition, Trevor Brown and FAB has in total sold 10,450,030 Ordinary Shares in the Company. 

Following the above transactions, Trevor Brown will be directly and indirectly interested in 47,527,403 Ordinary Shares, representing approximately 29.61 per cent. of the Company's enlarged issued ordinary share capital. It is expected that the CLN Shares will commence trading on or around 17 November 2020 ("Admission").

Following Admission, the Company will have 160,522,649 ordinary shares of 0.01p each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 160,522,649.

The above figure of 160,522,649 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The Directors of the Company accept responsibility for the contents of this announcement.

-ENDS-

For further information, please contact:

IQ-AI Limited Trevor Brown/Vinod Kaushal/Qu Li Tel: [phone]

Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams/Heena Karani Tel: [phone]

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Trevor Brown
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IQ-AI Ltd
b)	LEI	213800SPW48XRJS2QH57
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of 1p each ISIN: JE00BD4H0R42
b)	Nature of the transaction	Sale of shares
c)	Price(s) and volume(s)	£0.17 75000 £0.15 75000 £0.15 75000 £0.14 1000000 £0.15 75000 £0.14 1000000 £0.11 1000000 £0.11 1000000 £0.15 1150030 £0.17 500000
d)	Aggregated information - Aggregated volume - Price	£0.11 4000000 N/A
e)	Date of the transaction	10 November 2020
f)	Place of the transaction	N/A

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Trevor Brown
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification /Amendment	Amendment to prior notifications Late notification by selling broker
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IQ-AI Ltd
b)	LEI	213800SPW48XRJS2QH57
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of 1p each ISIN: JE00BD4H0R42
b)	Nature of the transaction	Sale of shares
c)	Price(s) and volume(s)	500000 Ordinary Shares at a price of £0.12 per share
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	10 November 2020
f)	Place of the transaction	N/A

 

END

 

 

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