t
Insig AI plc extended the redemption dates for existing convertible loan notes totalling £1,500,000, held by Richard Bernstein (£1,000,000) and David Kyte (£500,000), to 30 September 2025. The company also reduced the interest rate on Richard Bernstein's £1,000,000 CLN from 8% per annum to 6.0% per annum, effective 1 July 2024, with David Kyte's 12.0% interest rate remaining unchanged. The revised terms for Richard Bernstein's CLN are deemed a related party transaction pursuant to AIM Rule 13.
| Date | 3 Jul 2024 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 8841U |
3 July 2024
Insig AI plc
("Insig AI" or the "Company")
Convertible Loan Notes
Insig AI plc (AIM: INSG), the data science and machine learning group, is pleased to announce the redemption dates of the Company's existing convertible loan notes ("CLN") of £1,000,000 and £500,000 issued to Richard Bernstein and David Kyte respectively, have been extended to 30 September 2025.
In addition, the Company has agreed with Richard Bernstein that the interest due of 8 per cent. per annum on the CLN issued to him be reduced to 6.0% per annum, effective 1 July 2024. The interest rate of 12.0% per annum on the CLN issued to David Kyte remains unchanged.
The revised terms of the CLN issued to Richard Bernstein, due to him being a director of the Company, is deemed to be a related party transaction pursuant to AIM Rule 13. The directors of the Company (excluding Richard Bernstein), having consulted with Zeus Capital Limited, the Company's nominated adviser, consider that the revised terms of the CLN issued to Richard Bernstein are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please visit www.insg.ai or contact:
Insig AI plc [email protected]
Richard Bernstein (CEO)
Zeus (Nominated Adviser & Broker)
David Foreman / James Hornigold +44 (0)20 3829 5000