- Title:
Director Dealing and CLN Conversion - Correction - Time:
10:41:50 - Date:
10 Dec 2020 - Category:
Director/PDMR dealings - ID:
2271I
IQ-AI Ltd
("IQ-AI" or the "Company")
Director Dealing and Conversion of Loan Notes - Correction
The following amendments have been made to the "Director Dealing and Conversion of Loan Notes" announcement released on 9 December at 09:02 a.m.
The Company has also received a conversion notice from Trevor 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 6,540,000 Ordinary Shares.
Following Admission, the Company will have 170,107,609 ordinary shares of 0.01p each in issue and Trevor Brown will be directly and indirectly interested in approximately 29.28 per cent of the Company's enlarged issued ordinary share capital.
All other details remain unchanged. The full amended text is shown below.
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 Trevor 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 6,540,000 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 29.28 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 170,107,609 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 170,107,609.
The above figure of 170,107,609 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: 020 7469 0930 |
| Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams/Heena Karani Tel: 020 7220 9797 |
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 |
Ordinary share |
||
| 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 |
Ordinary share |
||
| 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 |
||
Director Dealing and CLN Conversion - Correction10:41:5010 Dec 2020Director/PDMR dealings2271I