Director Dealing and Conversion of Loan Notes

RNS Number : 0579I

IQ-AI Limited

09 December 2020

 

IQ-AI Ltd

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

Director Dealing and Conversion of Loan Notes

IQ-AI Ltd has received a conversion notice from Trevor Brown, the CEO of IQ-AI, converting £50,000 convertible loan notes and the £5,250 associated interest, issued in March 2019, at a price of 2 pence, into 2,762,500 Ordinary Shares.

In addition, the Company has also received a conversion notice from Mr Brown, converting £90,000 convertible loan notes and the £8,100 associated interest, issued in May 2019, at a price of 1.5 pence, into 6,640,000 Ordinary Shares.

In total, Trevor Brown will indirectly or directly be issued a total of 9,302,500 Ordinary Shares (the "CLN Shares"). In addition, Trevor Brown has sold 1,900,000 Ordinary Shares in the Company. 

Following the above transactions, Trevor Brown will be directly and indirectly interested in 49,813,236 Ordinary Shares, representing approximately 29.32 per cent. of the Company's enlarged issued ordinary share capital. 

An application will be made for the 9,302,500 CLN Shares to be admitted to the Official List of the UK Listing Authority by way of a Standard Listing ("Admission") and it is expected that Admission will become effective and that dealing in the CLN Shares will commence on or around 8am on 15 December 2020. The CLN Shares will rank pari passu with the existing ordinary shares of the Company.

Following Admission, the Company will have 169,875,149 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 169,875,149.

The above figure of 169,875,149 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		Director
b)	Initial notification/ Amendment		Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		IQ-AI Limited
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; (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument  Identification code	Ordinary share   JE00BD4H0R42
b)	Nature of the transaction	Sale of shares
c)	Price(s) and volume(s)	Price(s)		Volume(s)
		9.57p 8.5p		1,100,000 800,000
d)	Aggregated information · Aggregated volume · Price	1,900,000 9.04p
e)	Date of the transaction	7 and 8 December 2020
f)	Place of the transaction	London Stock Exchange Main Market

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		Director
b)	Initial notification/ Amendment		Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		IQ-AI Limited
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; (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument  Identification code	Ordinary share   JE00BD4H0R42
b)	Nature of the transaction	Conversion of loan into shares
c)	Price(s) and volume(s)	Price(s)		Volume(s)
		2p 1.5p		2,762,500 6,540,000
d)	Aggregated information · Aggregated volume · Price	N/A
e)	Date of the transaction	9 December 2020
f)	Place of the transaction	London Stock Exchange Main Market

 

END

 

 

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