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Starcom PLC - Conversion of Director's Deferred Salary

RNS Number : 9844M
Starcom PLC
15 May 2020
 

15 May 2020

 

Starcom PLC

("Starcom" or the "Company")

 

Conversion of deferred salary into equity

 

Starcom (AIM: STAR), which specialises in the development of wireless, Internet-Of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, announces that, as part of the measures the Board of Starcom is taking to strengthen the financial position of the Company during the Covid-19 pandemic, Avi Hartmann, CEO, has agreed to convert $75,000 (or £61,503) of historic unpaid salary into new ordinary shares in the Company (the "Salary Conversion").

 

Pursuant to the Salary Conversion, Mr Hartmann will be issued 6,150,288 new ordinary shares in the Company ("Ordinary Shares") at a price of 1 pence per Ordinary Share, being the Company's closing mid-market share price on 14 May 2020, the day prior to issue. As at the 31 March 2020, Avi Hartmann had approximately US$167,000 of outstanding deferred salary. This related to salary deferred periodically since 2015. Following the Salary Conversion, Mr Hartmann will have a total of US$92,000 of outstanding deferred salary and a further US$73,000 of outstanding loans to the Company.

 

The Salary Conversion constitutes a related party transaction pursuant to the AIM Rules for Companies.  The Directors of Starcom (excluding Mr Hartmann), having consulted with the Company's nominated adviser, consider the terms of the Salary Conversion to be fair and reasonable insofar as the Company's shareholders are concerned.

 

As a result of the Salary Conversion, Mr Hartmann's beneficial interest in the Company's share capital is 30,348,224 Ordinary Shares, representing approximately 8.63 per cent. of the voting rights of the Company as enlarged by the Salary Conversion.

 

Application for Admission

 

Application has been made for the new Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission").  It is anticipated that Admission will become effective at 8.00 a.m. on 21 May 2020. 

 

Total voting rights 

 

On Admission, the Company's enlarged issued share capital will comprise 351,479,801 Ordinary Shares.  The Company does not hold any shares in treasury.  Therefore, the total number of Ordinary Shares with voting rights in the Company will be 351,479,801.  This figure 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 voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules. 

 

Enquiries: 

 

Starcom Plc

 

Michael Rosenberg, Chairman

07785 727 595

Avi Hartmann, CEO

 

+972 5447 5663

 

 

Allenby Capital Limited (Nominated Adviser and Broker)

020 3328 5656

James Reeve / Jeremy Porter / Asha Chotai

 

 

Peterhouse Capital Limited (Joint Broker)

020 7469 0930

Lucy Williams / Charles Goodfellow / Eran Zucker

 

 

Leander PR (Financial PR)

07795 168 157

Christian Taylor-Wilkinson

 

 

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

Avi Hartmann

2

Reason for the notification

a)

Position/status

CEO

b)

 

Initial notification /Amendment

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Starcom plc

b)

LEI

213800XVU7WF3QMF4826

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

 

Identification code

Ordinary Shares of no par value  

 

 

 

Identification code (ISIN) for Starcom plc ordinary shares: JE00B8WSDY21

 

b)

Nature of the transaction

Conversion of debt into ordinary shares

 

 

c)

Price(s) and volume(s)

 Price(s)

Volume(s)

1p

 

6,150,288

 

d)

Aggregated information

- Aggregated volume

- Price

 

n/a

e)

Date of the transaction

15 May 2020

f)

Place of the transaction

Outside a trading venue

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Starcom PLC

Price: 0.9

Market: AIM
Market Cap: £3.16 m
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