Proposed Acquisition, Placing and Other Matters

RNS Number : 4844D

Access Intelligence PLC

10 October 2018

 

Prior to publication, certain information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

10 October 2018

Access Intelligence plc

("Access Intelligence," "the Company" or the "Group")

Proposed Acquisition, Placing to raise £6.8 million, Share Consolidation, Notice of Extraordinary General Meeting and PDMR Dealing Disclosures

Access Intelligence (AIM: ACC) a leading supplier of Software-as-a-Service (SaaS) solutions for communications and reputation management, is pleased to announce that it has conditionally agreed to acquire the entire issued share capital of ResponseSource Limited ("ResponseSource"). In conjunction with the Acquisition, the Company is pleased to announce a conditional placing of 14,320,000 new ordinary shares of 5p each in the Company ("New Ordinary Shares") ("Placing Shares") at a price of 47.5p per Placing Share (the "Placing Price") to raise £6.8 million (before expenses), to be undertaken in two tranches. In addition, the Company is proposing to effect, subject to shareholder approval, a share consolidation of one New Ordinary Share for every ten existing ordinary shares held ("the Share Consolidation").

The Acquisition, the Placing and the Share Consolidation are conditional, inter alia, on the requisite approval of shareholders of the Company ("Shareholders") of resolutions to be proposed at an extraordinary general meeting of the Company to be held on 1 November 2018 (the "EGM"). A circular convening the EGM will be sent to shareholders today and a copy will be available from the Company's website at www.accessintelligence.com.

Definitions used within this announcement are set out at the end of the announcement.

1.    Terms of the Acquisition

On 9 October 2018, the Company entered into the Acquisition Agreement with the ResponseSource Sellers to acquire the entire issued share capital of ResponseSource (subject to admission of the Consideration Shares to trading on AIM, completion of the Second Placing and certain other conditions). The consideration payable is £5.5 million (subject to adjustment in accordance with the terms of the Acquisition Agreement).

The consideration will be satisfied as follows:

·      £5 million payable in cash and the agreed amount of free cash in ResponseSource at the date of Completion (subject to a completion accounts adjustment post-Completion by reference to the actual free cash at Completion); and

·      £0.5 million by the allotment and issue to the ResponseSource Sellers on Completion of 793,651 Consideration Shares at a price of 63 pence per share (equivalent to 6.3 pence per Existing Ordinary Share).

Conditional on the Consideration Shares being allotted, the ResponseSource Sellers shall enter into lock-in agreements, pursuant to which each ResponseSource Seller undertakes to not dispose of any Consideration Shares for a period of 12 months after Completion and for a further 12 months period to only dispose of any Consideration Shares in accordance with orderly market principles, save in certain limited circumstances.

Completion of the Acquisition is conditional on, amongst other things, the satisfaction or waiver of the following conditions on or before 5 November 2018 (or such later date as the Company and the ResponseSource Sellers agree, being not later than 19 November 2018):

·      admission of the Consideration Shares to trading on AIM and such admission becoming effective in accordance with the AIM Rules;

·      the Resolutions being passed; and

·      the Placing Agreement not being terminated and becoming unconditional in accordance with its terms (save for any condition relating to Admission, the allotment of the Placing Shares and the Acquisition Agreement becoming unconditional or being completed).

In addition, the Acquisition Agreement contains what the Directors (after seeking appropriate advice) consider are appropriate and normal warranties and indemnities from the ResponseSource Sellers. The Company is entitled to terminate the Acquisition Agreement in certain circumstances, including, amongst other things, if at any time before Completion there is any breach of any of the warranties which is material in the context of the Acquisition.

2.    Information on ResponseSource

ResponseSource, a leading Software as a Service ("SaaS") business providing online intelligence to PR, marketing and journalism professionals, was founded in 1997 by Daryl Willcox, a former journalist, who utilised his understanding of UK journalist and PR networks to deliver innovative online services via flexible online platforms that serve the PR community. ResponseSource's most significant product offering, The Journalist Enquiry Service delivers enquiries from journalists to PR professionals and is a complementary product to Vuelio's existing suite of services. The ResponseSource Acquisition will fulfil a current need and longer term strategic aim to strengthen its service to the journalist and PR sectors by improving Access Intelligence's media data and press release wire offering, as well as providing major upsell opportunities for core Vuelio services to an additional client base of approximately 1,900 customers.

In the year ended 31 December 2017 ResponseSource achieved an unaudited profit before tax of £0.3 million on a revenue of £3.1 million and had net assets of £555,000 as at 31 December 2017. Based on the unaudited results for the year ended 31 December 2017, 93 per cent. of the revenue was recurring and the revenue for that year showed a 13 per cent. growth over the previous year.

ResponseSource has also continued to grow during the 2018 financial year, with monthly recurring revenue increasing 11 per cent. to £277,000 between August 2017 and August 2018.

3.    Reasons for the Acquisition

The Directors believe that the opportunity to acquire a highly complementary SaaS business in the communications market will be earnings enhancing in the first full year.

The Acquisition represents significant upsell and cross-sell opportunities to the ResponseSource client base, whilst accelerating Vuelio's development roadmap. The Directors believe that the Acquisition, together with the Company's market leading Vuelio platform, will strengthen the service offering to customers and potential customers, enhance client retention through a broader and improved SaaS offering and provide a stronger consultative layer in the media sphere. As significant investment has already been injected into Vuelio's integrated communications platform, the Directors believe that it will be a straightforward process to integrate customers.

The Directors believe that there is significant value in the ResponseSource brand and they intend to continue to market products under that brand for the foreseeable future following completion of the Acquisition.

4.    Details of the Placing

Under the Placing, the Company has conditionally raised £6.8 million (before expenses) through a placing of 14,320,000 New Ordinary Shares at 47.5 pence per share with institutional and other investors including the Investing Directors. The Company has entered into a Placing Agreement with Allenby Capital under which Allenby Capital has agreed to use its reasonable endeavours to procure Placees for the Placing Shares at the Placing Price. The Placing has not been underwritten.

The Placing Shares will represent approximately 23.6 per cent. of the Enlarged Voting Share Capital. The Placing Price represents a discount of approximately 24.6 per cent. (adjusted to reflect the Share Consolidation) to the closing mid-market price on AIM of 6.3 pence per Existing Ordinary Share on 8 October 2018, being the last dealing day prior to the date of this announcement.

The first tranche of the Placing, to raise a total of £1 million by the issue of 2,105,264 New Ordinary Shares (being the First Placing Shares) at 47.5 pence each, will be EIS/VCT qualifying. The First Placing is conditional upon, inter alia, the passing of the Resolutions to be put to Shareholders of the Company at the EGM (granting the Directors authority to allot New Ordinary Shares for cash on a pre-emptive basis) and First Admission becoming effective at 8.00 a.m. on 2 November 2018 (or such later date as the Company and Allenby may agree, being not later than 8.00 a.m. on 16 November 2018). The First Placing is not conditional on completion of the Second Placing nor on completion of the Acquisition occurring so there is a possibility that the First Placing may complete and the First Placing Shares are issued but that neither the Acquisition nor the Second Placing completes.

The second tranche of the Placing, to raise a total £5.8 million by the issue of 12,214,736 New Ordinary Shares (being the Second Placing Shares) at 47.5 pence each, is conditional upon, inter alia, First Admission becoming effective. In addition, the Second Placing is conditional, inter alia, on the Acquisition Agreement becoming unconditional in all respects (save for any condition in that agreement relating to the Placing Agreement) and Second Admission becoming effective at 8.00 a.m. on 5 November 2018 (or such later date as the Company and Allenby may agree, being not later than 8.00 a.m. on 19 November 2018).

The Placing Agreement contains, inter alia, customary undertakings and warranties given by the Company in favour of Allenby Capital as to the accuracy of information contained in this announcement and other matters relating to the Company. Allenby Capital may terminate the Placing Agreement in specified circumstances prior to Admission, including, inter alia, for material breach of the Placing Agreement by the Company or of any other warranties contained in it and in the event of a force majeure event occurring.

The Placing Shares will be issued credited as fully paid and will rank pari passu in all respects with the New Ordinary Shares, including the right to receive dividends and other distributions declared on or after the date on which they are issued.

It is expected that CREST accounts will be credited on the relevant day of Admission and that share certificates (where applicable) will be dispatched within 10 working days of each Admission.

5.    Use of Proceeds of the Placing

Under the Placing, the Company will receive gross proceeds of £6.8 million. The Directors intend to use the proceeds of the Placing as follows:

·      to pay the cash consideration of £5 million for the entire issued share capital of ResponseSource;

·      to settle professional costs incurred by the Company in connection with the Placing and Acquisition of approximately £0.5 million;

·      to cover development and integration costs of approximately £1.0 million; and

·     £0.3 million for working capital generally.

6.    Share Consolidation

The Company's current issued share capital consists of 486,591,022 Existing Ordinary Shares. The number of Existing Ordinary Shares in issue is the result of a number of capital raisings since the Company's incorporation in order to fund its operations. The Directors consider that the current issued share capital is much higher than similar sized companies on AIM and the Directors believe that this negatively affects investors' perception of the Company. The Directors believe that it is in the best interests of the Company for there to be a one-for-ten share consolidation to reduce the number of Ordinary Shares in issue and increase the share price with a view to decreasing the spread between the bid and offer prices. Under the Share Consolidation, holders of Existing Ordinary Shares will receive:

1 New Ordinary Share for every 10 Existing Ordinary Shares

and so in proportion to the number of Existing Ordinary Shares held on the Record Date.

Following the Share Consolidation, Shareholders will still hold the same proportion of the Company's ordinary share capital as before the Share Consolidation. Other than a change in nominal value, consolidated New Ordinary Shares will carry equivalent rights under the Articles to the Existing Ordinary Shares.

To effect the Share Consolidation, it will be necessary to issue an additional eight Existing Ordinary Shares so that the Company's issued ordinary share capital is exactly divisible by 10. These eight additional Existing Ordinary Shares will be issued to the Company's broker, Allenby Capital, before the Record Date. Since these additional shares would only represent a fraction of a New Ordinary Share, this fraction will be sold pursuant to the arrangements for fractional entitlements contained in the Articles.

Following the Share Consolidation and assuming completion of the Placing and the Acquisition, the

Company's issued ordinary share capital will comprise 63,772,754 New Ordinary Shares, of which 2,966,666 New Ordinary Shares will be held in treasury.

The Share Consolidation will give rise to fractional entitlements to a New Ordinary Share where any holding is not precisely divisible by 10. No certificates regarding fractional entitlements will be issued. Instead, in accordance with the authority in the Articles, any New Ordinary Shares in respect of which there are fractional entitlements will be aggregated and sold in the market for the best price reasonably obtainable on behalf of those Shareholders entitled to the fractions. The Company will distribute the proceeds of any such sale amongst Shareholders in due proportion.

For the avoidance of doubt, the Company is only responsible for dealing with fractions arising on registered holdings. For Shareholders whose shares are held in the nominee accounts of stockbrokers, intermediaries, or other nominees, the effect of the Share Consolidation on their individual shareholdings will be administered by the stockbroker or nominee in whose account the relevant shares are held. The effect is expected to be the same as for shareholdings registered in beneficial names, however it is the stockbroker's responsibility to deal with fractions arising within their customer accounts, and not the Company's.

7.    Current trading and prospects

The corporate communications market offers a substantial growth opportunity as organisations struggle to react to the rapidly changing traditional media landscape and social media's explosion. The global market for media intelligence information and software grew 9.3 per cent. to more than $3.5 billion in 2017 (Source: Burton-Taylor International Consulting). The Company has also benefited from the recent introduction of the General Data Protection Regulation ("GDPR"), as Vuelio includes a range of solutions designed to help clients achieve and maintain compliance.

Access Intelligence has a substantial customer base of more than 1,500 clients spanning the public and private sectors and includes blue-chip enterprises, PR and digital agencies, public sector organisations, not-for-profits and SMEs.

Revenue increased by 10.3 per cent. to £4.3 million in the first six months to 31 May 2018. This growth was primarily a function of an increase in net Annual Contract Value ("ACV") during the twelve month period to 31 May 2018. Net ACV has continued to grow during the third quarter of the 2018 financial year and the Company continues to trade in line with market expectations.

8.    Related party transactions 

3,244,210 Second Placing Shares were conditionally subscribed by Kestrel Partners LLP, 715,764 First Placing Shares were conditionally subscribed by Elderstreet Draper Esprit VCT Plc and 662,434 First Placing Shares were conditionally subscribed by Unicorn AIM VCT Plc with the remainder of the Placing Shares being subscribed by institutional and other investors.

Kestrel Partners LLP, Elderstreet Draper Esprit VCT Plc and Unicorn AIM VCT Plc currently hold 21.11 per cent., 14.03 per cent. and 12.98 per cent. of the issued voting share capital of the Company, respectively, and therefore under the AIM Rules are each a "Substantial Shareholder" as defined therein. Accordingly, Kestrel Partners LLP, Elderstreet Draper Esprit VCT Plc and Unicorn AIM VCT Plc are deemed to be related parties under the AIM Rules.

Joanna Arnold and Chris Pilling, the Independent Directors, having consulted with Allenby Capital, the Company's nominated adviser, consider that the terms of the Placing are fair and reasonable insofar as the shareholders of Access Intelligence are concerned.

9.    Directors' participation

Christopher Satterthwaite and Mark Fautley, Non-Executive Chairman and Chief Financial Officer of the Company respectively, have conditionally subscribed for 52,632 Second Placing Shares and 31,578 Second Placing Shares, respectively. Accordingly, at Admission Christopher Satterthwaite and Mark Fautley will hold 0.09 per cent. and 0.05 per cent., respectively, of the Enlarged Voting Share Capital. 

10.  Application for Admission to AIM 

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is anticipated that Admission will become effective and that dealings in the First Placing Shares will commence at 8.00 a.m. on 2 November 2018 and that Admission will become effective and dealings in the Second Placing Shares and the Consideration Shares will commence at 8.00 a.m. on 5 November 2018.

11.  Extraordinary General Meeting

A circular to shareholders has been sent to shareholders which contains a notice convening the Extraordinary General Meeting to be held at the Company's offices, Longbow House, 20 Chiswell Street, London, EC1Y 4TW at 10.30 a.m. on 1 November 2018. At the EGM, Shareholders will consider following resolutions:

(a)  an ordinary resolution to effect the Share Consolidation, such resulting New Ordinary Shares having the same rights and being subject to the same restrictions (save as to nominal value) as the Existing Ordinary Shares as set out in the Articles;

(b)  an ordinary resolution to grant the Directors authority to allot the Consideration Shares, the Placing Shares and such number of New Ordinary Shares as is equivalent to one third of the Enlarged Voting Share Capital; and

(c)  a special resolution to disapply Shareholders' statutory pre-emption rights which would otherwise apply to the allotment of the Placing Shares and in respect of such number of New Ordinary Shares as is equivalent to 10 per cent. of the Enlarged Voting Share Capital.

12.  Voting Rights

Following the issue of the Placing Shares and the Consideration Shares, the Company's total issued share capital on Admission will consist of 63,772,754 New Ordinary Shares. The Company will hold 2,966,666 Ordinary Shares in treasury and therefore the total number of New Ordinary Shares with voting rights on Admission is expected to be 60,806,088. This 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 Group, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Joanna Arnold, Chief Executive Officer of Access Intelligence, said:

"Vuelio and ResponseSource both provide essential communications intelligence to PR, marketing and journalism professionals, but their platform services are so complementary that there is enormous scope for both immediate and longer-term upsell across their respective portfolios. With this acquisition we're cementing our market-leading position in communications and reputation management software as we create a platform for further growth through industry disruption."   

For further information:

Access Intelligence Plc                                                                                                          0843 659 2940

Christopher Satterthwaite (Non-Executive Chairman)                                                                

Joanna Arnold (CEO)                                                                                       

Allenby Capital Limited (Nominated Adviser and Broker)                                                         020 3328 5656       

David Worlidge / Nicholas Chambers / Graham Bell

PLACING AND SHARE CAPITAL STATISTICS

Number of Existing Ordinary Shares at the date of this Circular	486,591,022
Number of Ordinary Shares held in treasury at the date of this Circular	29,666,667
Number of Ordinary Shares with voting rights at the date of this Circular	456,924,355
Number of Existing Ordinary Shares at the date of the EGM	486,591,030
Number of New Ordinary Shares immediately following the Share Consolidation	48,659,103
Placing Price	47.5 pence
Total number of Placing Shares	14,320,000
Number of First Placing Shares	2,105,264
Number of Second Placing Shares Number of Consideration Shares	12,214,736 793,651
Enlarged Voting Share Capital at Second Admission	60,806,088
Percentage of the Enlarged Voting Share Capital comprised by the Placing Shares	approximately 23.6 per cent.
Percentage of the Enlarged Voting Share Capital comprised by the Consideration Shares	approximately 1.3 per cent.
Estimated gross proceeds of the Placing	£6.8 million
Estimated net proceeds of the Placing	approximately £6.3 million
Market capitalisation of the Company at the Placing Price on Second Admission	£28.9 million
ISIN at Admission	GB00BGQVB052
SEDOL at Admission	BGQVB05

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

2018

Circular and Form of Proxy posted to Shareholders	9 October
Latest time and date for receipt of completed Forms of Proxy	10.30 a.m. on 30 October
Extraordinary General Meeting	10.30 a.m. on 1 November
Last time and date for dealings in the Existing Ordinary Shares	4.30 p.m. on 1 November
Record time and date for Share Consolidation	6.00 p.m. on 1 November
Admission effective and dealings in the New Ordinary Shares expected to commence on AIM	8.00 a.m. on 2 November
Admission of the First Placing Shares to trading on AIM	8.00 a.m. on 2 November
CREST member accounts expected to be credited for the New Ordinary Shares and the First Placing Shares in uncertificated form (where applicable)	2 November
Admission of the Second Placing Shares and the Consideration Shares to trading on AIM	8.00 a.m. on 5 November
CREST member accounts expected to be credited for the Second Placing Shares in uncertificated form (where applicable)	5 November
Dispatch of definitive share certificates for the New Ordinary Shares, Placing Shares and the Consideration Shares in certificated form (where applicable)	within 10 working days of each Admission
Despatch of fractional entitlement cheques or payments through CREST	14 days after sale in full of the aggregated fractional entitlements to New Ordinary Shares

Each of the dates in the above timetable and the rest of the announcement are indicative only, assumes that the Resolutions are passed at the Extraordinary General Meeting and are subject to change at the absolute discretion of the Company. References to time in this announcement are to London time. If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified by announcement through a Regulatory Information Service.

DEFINITIONS

The following definitions apply throughout this announcement, unless the context requires otherwise:

"Admission"	First Admission and/or Second Admission (as the context requires);
"AIM"	the market of the name operated by the London Stock Exchange;
"AIM Rules"	the AIM Rules for Companies, as published and amended from time to time by the London Stock Exchange;
"Allenby Capital"	Allenby Capital Limited, the Company's nominated adviser and broker pursuant to the AIM Rules;
"Acquisition"	the proposed acquisition of the entire issued share capital of ResponseSource pursuant to the terms of the Acquisition Agreement;
"Acquisition Agreement"	the conditional agreement dated 9 October 2018 between the Company and the ResponseSource Sellers;
"Articles"	the articles of association of Access Intelligence as in force at the date of this Circular;
"Company" or "Access Intelligence"	Access Intelligence plc;
"Completion"	completion of the Acquisition in accordance with the terms of Acquisition Agreement;
"Consideration Shares"	the 793,651 New Ordinary Shares to be issued at a price of 63 pence per share in connection with the Acquisition, pursuant to the terms of the Acquisition Agreement;
"CREST"	the relevant system for the paperless settlement of trades and the holding of uncertificated securities operated by Euroclear UK & Ireland in accordance with the CREST Regulations;
"CREST member"	a person who has been admitted by Euroclear UK & Ireland as a system-member (as defined in the CREST Regulations);
"CREST Regulations"	the Uncertificated Securities Regulations 2001 (SI 2001/3755) (as amended);
"Directors" or "Board"	the directors of the Company;
"EIS"	Enterprise Investment Scheme;
"Enlarged Voting Share Capital"	the 60,806,088 New Ordinary Shares in issue, excluding the 2,966,666 New Ordinary Shares that will be held in treasury immediately following Second Admission;
"Euroclear UK & Ireland"	Euroclear UK & Ireland Limited, the operator of CREST;
"Existing Ordinary Shares"	the 486,591,022 existing ordinary shares of 0.5 pence each in the capital of the Company in issue as at the date of this announcement;
"Extraordinary General Meeting" or "EGM"	the extraordinary general meeting of Shareholders to be held at the Company's offices, Longbow House, 20 Chiswell Street, London, EC1Y 4TW at 10.30 a.m. on 1 November 2018;
"First Admission"	the admission to trading on AIM of the First Placing Shares in accordance with the AIM Rules, which is expected to take place on 2 November 2018;
"First Placing"	the placing by Allenby Capital on behalf of the Company of the First Placing Shares at the Placing Price pursuant to the terms of the Placing Agreement;
"First Placing Shares"	the 2,105,264 New Ordinary Shares which have been conditionally placed by Allenby Capital with institutional and other investors pursuant to the First Placing;
"Group"	the Company and its subsidiaries;
"HMRC"	Her Majesty's Revenue and Customs;
"Independent Directors"	Joanna Arnold and Chris Pilling;
"Investing Directors"	Christopher Satterthwaite and Mark Fautley;
"ISIN"	International Securities Identification Number;
"ResponseSource"	ResponseSource Limited;
"ResponseSource Sellers"	Daryl Willcox, Daniel Griffiths, Richard Willcox, Nicolas Gilbert, Barry de la Rosa, Anne Burke and Jenny Williams;
"Neville Registrars" or "Registrars"	Neville Registrars Limited;
"New Ordinary Shares"	the new ordinary shares of 5p each in the capital of the Company following the Share Consolidation;
"Ordinary Shares"	means the Existing Ordinary Shares or the New Ordinary Shares as the context requires;
"Placees"	the persons who have conditionally agreed to subscribe for the Placing Shares;
"Placing"	together, the First Placing and the Second Placing;
"Placing Agreement"	the conditional agreement dated 9 October 2018 between the Company (1) and Allenby Capital (2) relating to the Placing;
"Placing Price"	47.5 pence per Placing Share;
"Placing Shares"	the First Placing Shares and/or the Second Placing Shares (as the context requires);
"Proposals"	the Share Consolidation, the Acquisition and the Placing;
"Record Date"	the record time and date for the Share Consolidation being, 6.00 p.m. on 1 November 2018;
"Regulatory Information Service"	a service approved by the Financial Conduct Authority for the distribution to the public or regulatory announcements;
"Resolutions"	the resolutions set out in a notice of meeting to be proposed to Shareholders at the EGM;
"Second Admission"	the admission to trading on AIM of the Second Placing Shares and the Consideration Shares in accordance with the AIM Rules, which is expected to take place on 5 November 2018;
"Second Placing"	the placing by Allenby Capital on behalf of the Company of the Second Placing Shares at the Placing Price pursuant to the terms of the Placing Agreement;
"Second Placing Shares"	the 12,214,736 New Ordinary Shares which have been conditionally placed by Allenby Capital with institutional and other investors pursuant to the Second Placing;
"Share Consolidation"	the proposed consolidation of every 10 Existing Ordinary Shares into one New Ordinary Share;
"Shareholder(s)"	holder(s) of Ordinary Shares;
"VCT"	Venture Capital Trust; and
"£", "pence" or "p"	the lawful currency of the United Kingdom.

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	Christopher Satterthwaite
2	Reason for the notification
a)	Position/status	Non-Executive Chairman
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Access Intelligence plc
b)	LEI	213800PPZ4ZM8OMHGT41
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 5p each in Access Intelligence plc  Identification code (ISIN) for Access Intelligence plc new ordinary shares: GB00BGQVB052
b)	Nature of the transaction	Subscription of New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 47.50p 52,632
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	9 October 2018
f)	Place of the transaction	Outside a Trading Venue - conditional issue of new ordinary shares

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Fautley
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Access Intelligence plc
b)	LEI	213800PPZ4ZM8OMHGT41
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 5p each in Access Intelligence plc  Identification code (ISIN) for Access Intelligence plc new ordinary shares: GB00BGQVB052
b)	Nature of the transaction	Subscription of New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 47.50p 31,578
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	9 October 2018
f)	Place of the transaction	Outside a Trading Venue - conditional issue of new ordinary shares

 

END

 

 

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