Schedule One Update - MicroSalt plc | RNS | Ticker

Schedule One Update - MicroSalt plc

RNS Announcement

RNS Number : 1133B

AIM

29 January 2024

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

MicroSalt plc (the "Company" or "MicroSalt")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

12 New Fetter Lane

London

EC4A 1JP

COUNTRY OF INCORPORATION:

United Kingdom

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.microsalt.co

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

The Company has developed a patent protected and scalable manufacturing process that produces a salt crystal that is approximately 100 times smaller than traditional salt, with an average size of less than 20 microns. Due to its micron sized particles, MicroSalt has improved adhesion to food (compared with traditional salt crystals) and dissolves much faster on the tongue, thereby delivering the same sense of saltiness as traditional snacks but using approximately half the amount of sodium.

The Company was founded in 2016 by Dr Clifford Gross and the Tekcapital group following the acquisition of the low-sodium salt composition patent from two pre-eminent food scientists who were the initial developers of the technology. Operations commenced in 2018 and have been predominantly funded by the Tekcapital group through convertible loan notes.

Demand for reduced sodium and 'clean' product labels across both B2B and B2C channels has increased significantly due to enhanced governmental and societal pressure for healthier products. As a result, the Company's primary strategy is to partner with brands seeking to reduce the sodium content in their foods, for both existing and new product lines. Recent commercial progress spans multiple FMCGs and national retailers in the US as part of its B2B focused strategy, whilst its products are already sold in over 1,000 stores across premium and/or health focused retailers across the US. This is complemented by a DTC presence on the world's largest e-commerce platform.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

43,117,153 Ordinary Shares of £0.001625 each at an issue price of 43 pence

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

£3.1 million primary proceeds to be raised on Admission

Anticipated market capitalisation on admission: £18.5 million

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

78.4 per cent.

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

N/A

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Judith Margaret Batchelar - Non-Executive Chair

Richard (Rick) Andrew Guiney - Chief Executive Officer

Konrad Wojciech Dabrowski - Chief Financial Officer

Gary Martin Urmston - Independent Non-Executive Director

Daniel (Dan) Edward Emery - Independent Non-Executive Director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

	Prior to Admission		On Admission
Name	Number of Shares	Percentage of Issued Share Capital	Number of Shares	Percentage of Issued Share Capital
Tekcapital Europe Limited	30,747,609	87.24	33,305,749	77.24
VHM Global Research Inc.	2,090,812	5.93	2,090,812	4.85

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

N/A

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 December

(ii) 30 June 2023 (unaudited interim financial information)

(iii) 30 June 2024 (audited annual results for the year ending 31 December 2023)

30 September 2024 (unaudited results for the 6 months ending 30 June 2024)

30 June 2025 (audited annual results for the year ending 31 December 2024)

EXPECTED ADMISSION DATE:

1 February 2024

NAME AND ADDRESS OF NOMINATED ADVISER:

Zeus Capital Limited

125 Old Broad Street

London

EC2N 1AR

NAME AND ADDRESS OF BROKER:

Zeus Capital Limited

125 Old Broad Street

London

EC2N 1AR

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The admission document, which will contain full details of the applicant and its securities, will be available from www.microsalt.co.

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

DATE OF NOTIFICATION:

29 January 2024

NEW/ UPDATE:

UPDATE

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END

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RNS metadata

Title: Schedule One Update - MicroSalt plc
Time: 08:00:01
Date: 29 Jan 2024
Category: Corporate updates
ID: 1133B