21 December 2022
Insig AI plc
("Insig AI" or the "Company")
Directors gift shares to treasury for Company's benefit and total voting rights
Insig AI plc (AIM:INSG), the data science and machine learning solutions company serving the asset management industry, is pleased to announce that following the publication of the Company's interim results to 30 September 2022, founders Steve Cracknell and Warren Pearson, Chief Product Officer and Chief Technology Officer have gifted at nil value a substantial proportion of their founder shares to the Company to be held in treasury and to be used at the discretion of the Company. It is expected that these shares will predominately be issued to third parties or partners who are expected to help generate revenues, or add long term value to the business, but also to employees and other stakeholders as payments or bonuses in lieu of cash.
Steve Cracknell has today gifted 4,500,000 of his 10,818,293 ordinary shares of 1p each ("Shares") and Warren Pearson has gifted 2,500,000 of his 4,828,082 Shares. These combined 7,000,000 Shares equate to 6.62 per cent. of the Company's issued share capital.
The Board of Directors, excluding Steve Cracknell and Warren Pearson who are involved in the transaction as related parties, consider, having consulted with Zeus Capital, its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Total Voting Rights
Following the transaction, the issued share capital of the Company remains unchanged at 105,675,645 although the Company now holds 7,000,000 Shares in treasury. The total voting rights in the Company is now 98,675,645 which 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, Insig AI under the FCA's Disclosure Guidance and Transparency Rules.
Following the transfer of Shares, Steve Cracknell holds 6,318,293 Shares representing 6.4% of the total voting rights and Warren Pearson holds 2,328,082 Shares representing 2.4% of the total voting rights.
Colm McVeigh, Chief Executive commented: "I am grateful to Steve and Warren for enabling shares valued today at over £1.1 million to be utilised for the Company's future benefit. These Shares are a valuable tool for the Board, allowing us to work with third parties or partners who we expected to help generate revenues or add long term value to our business, while incentivising and retaining the talent in our teams, which is in the best interest of our business and all our stakeholders."
For further information, please visit www.insg.ai or contact:
| Insig AI plc Colm McVeigh (CEO) |
|
| Zeus (Nominated Adviser & Broker) David Foreman / James Hornigold / Danny Philips
| +44 (0) 20 3829 5000 |
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: | Warren Pearson | ||||
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: | Insig AI Plc | ||||
| b) | LEI: | 21380098CKBAG1NWCD98 | ||||
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 1 pence GB00BYV31355 | ||||
| b) | Nature of the transaction: | Transfer of ordinary shares | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
| e) | Date of the transaction: | 20 December 2022
| ||||
| f) | Place of the transaction: | Off-market | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Steven Cracknell | ||||
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: | Insig AI Plc | ||||
| b) | LEI: | 21380098CKBAG1NWCD98 | ||||
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 1 pence GB00BYV31355 | ||||
| b) | Nature of the transaction: | Transfer of ordinary shares | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
| e) | Date of the transaction: | 20 December 2022
| ||||
| f) | Place of the transaction: | Off-market | ||||
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