Business Review update and proposed Board changes

RNS Number : 5823C

Location Sciences Group PLC

21 June 2021

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

21 June 2021

Location Sciences Group PLC
("Location Sciences" or the "Company")

Business Review update and proposed Board changes

Following the successful fundraising and Board changes, the new Board continues to review how best to maximise the value of the Company's two core business units, namely location verification and data and insights. Whilst discussions continue, both internally and externally, it has been concluded that in view of the current scale of these businesses, immediate steps are necessary to reduce operating costs. As a result, notice has been given to both Mark Slade (CEO) and David Rae (CFO), each of whom have 12 month notice periods. Both Mark and David will remain as employees and members of the Board for as long as is necessary to realise value from the existing businesses.

Simon Wilkinson, Non-Executive Chairman, commented "I would like to place my thanks on record to Mark and David, who were instrumental in the recent fundraising which has given the Company a huge opportunity to deliver value for shareholders. I look forward to continuing to work with Mark and David to realise the best value from the existing businesses."

A copy of this announcement is available on the Company's website https://www.locationsciencesgroup.ai/investor-relations/rns-news-alerts/ .  

For further information please contact:

Location  Sciences Group PLC 

Mark Slade, Chief Executive Officer

David Rae, CFO and Commercial Director

Allenby Capital Limited (Nominated Adviser)  Tel: [phone]

David Hart

Vivek Bhardwaj

Turner Pope Investments (TPI) Ltd (Joint Broker)                                                              Tel: [phone]

James Pope

Andy Thacker

Peterhouse Capital (Joint Broker)                                                                                        Tel: [phone]

Charles Goodfellow

Eran Zucker

About Location Sciences Group PLC

Location Sciences is the pre-eminent global location verification provider to the $160 billion digital advertising industry. Working in partnership with brands, media agencies and suppliers to reduce ad-wastage and improve the effectiveness of location-based advertising campaigns.

The digital advertising market-place remains unregulated and un-monitored, with an estimated $19 billion wasted on ad-fraud in 2018. Location Sciences has developed Verify, the world's first independent location verification product. Utilising sophisticated machine learning and pattern recognition technologies, Verify detects location ad-fraud and shines a light on location data inaccuracy with the aim of bringing back integrity, transparency and trust to the market place.

Rule 26 website:  www.locationsciencesgroup.ai

Verify website:  www.locationsciences.ai

LinkedIn:  https://www.linkedin.com/company/locationsciences

Twitter: @LocationSci

 

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