(“IQ-AI” or the “Company”)
Director Dealing and Conversion of Loan Notes
IQ-AI Ltd has received a conversion notice from Free Association Books Limited, converting £40,000 convertible loan notes and the £13,500 associated interest, issued in November 2015, at a price of 1.5 pence, into 3,566,666 Ordinary Shares. Free Association Books Limited (“FAB”) is a company in which Trevor Brown, who is CEO of IQ-AI, has an interest. The Company has now fully converted all of the November 2020 convertible loan notes.
In addition, the Company has also received a conversion notice from Trevor Brown, converting £200,000 convertible loan notes and the £20,000 associated interest, issued in March 2018, at a price of 2 pence, into 11,000,000 Ordinary Shares.
In total, Trevor Brown will indirectly or directly be issued a total of 14,566,667 Ordinary Shares (the “CLN Shares”). In addition, Trevor Brown and FAB has in total sold 10,450,030 Ordinary Shares in the Company.
Following the above transactions, Trevor Brown will be directly and indirectly interested in 47,557,403 Ordinary Shares, representing approximately 29.63 per cent. of the Company’s enlarged issued ordinary share capital. It is expected that the CLN Shares will commence trading on or around 17 November 2020. (“Admission”).
Following Admission, the Company will have 160,522,649 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 160,522,649.
The above figure of 160,522,649 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.
For further information, please contact:
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
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