RNS Number : 4670N
Location Sciences Group PLC
01 June 2022
 

1 June 2022

 

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

Location Sciences Group PLC

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

 

Board and strategic update

 

 

Location Sciences (AIM: LSAI) announces that, further to the Company's announcement on 21 June 2021, both Mark Slade and David Rae will leave their positions as employees and directors of the Company on 22 June 2022. Simon Wilkinson and Nigel Burton will continue in their capacities of Non-Executive Chairman and Non-Executive Director respectively.

 

The Company will retain access, on a consultancy basis via a third-party contractor, to the necessary skills and resources to enable the ongoing operation of both Location Sciences generally, and the Verify business as the board continues to assess the strategic options for it.

 

In parallel with this process and in line with the Company's strategy to increase shareholder value, the board continues to explore various options for acquisition candidates. Rather than focusing on the quickest strategy, the board remains committed to securing an opportunity that maximises shareholder value and growth in the medium to long term. Whilst the current economic climate and the ongoing conflict in Ukraine have made the process more challenging than anticipated, the board is confident in delivering shareholder value.

 

Simon Wilkinson, Non-Executive Chairman, said "It has been a challenging few months at a macro-economic level but we are grateful to our supportive shareholders and feel confident of success in our strategic review of Verify and our search for the right acquisition candidate. I am grateful to Mark and David for their support and involvement in the Company."

 

For further information please contact:

 

Location Sciences Group PLC                      via Allenby Capital

 

Simon Wilkinson, Chairman

 

Allenby Capital Limited (Nominated Adviser)        Tel: +44 (0)20 3328 5656

David Hart

Vivek Bhardwaj

 

Turner Pope Investments (TPI) Ltd (Broker)         Tel: +44 (0)20 3657 0050

James Pope

Andy Thacker

 

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