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AIQ Limited   -  AIQ   

Acquisition completion and restoration of trading

Released 07:00 26-Mar-2020

RNS Number : 6311H
AIQ Limited
26 March 2020
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN.

This announcement is an advertisement and not a prospectus. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus dated 20 March 2020 (the "Prospectus") that was published by AIQ Limited ("AIQ" or the "Company") in connection with the admission of the Company's ordinary shares of 1p each (the "Ordinary Shares") to the Official List of the Financial Conduct Authority (Standard Listing Segment) and to trading on the main market for listed securities (the "Main Market") of the London Stock Exchange plc (the "London Stock Exchange"). This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States, Australia, Canada, the Republic of South Africa, the Republic of Ireland, Japan or in any other jurisdiction.

 

26 March 2020

AIQ Limited

Completion of Acquisition and

Restoration of Trading

AIQ Limited (LSE: AIQ), a special purpose acquisition company formed to undertake one or more acquisitions of a company or business in the e-commerce sector, is pleased to announce that its entire issued ordinary share capital of 64,760,721 Ordinary Shares will today be readmitted to the Standard Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange (together, the "Readmission") following the completion of the acquisition of the entire issued share capital of Alchemist Codes Sdn Bhd ("AI Codes"), a Malaysian incorporated information technology solutions developer focusing on the e-commerce sector. Dealings will commence at 8.00 a.m. today under the TIDM "AIQ" with ISIN number KYG0180A1022.

Highlights:

·      Readmission today of the Company to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules)

·      Readmission to trading on the London Stock Exchange's Main Market for listed securities of the Company's Ordinary Shares

·      Acquisition of AI Codes for approximately £2.3 million in 12,921,346 Ordinary Shares in the Company at 17.8 pence per share

·      Appointment of Charles Yong Kai Yee, CEO & Founder of Al Codes, as an executive director of the Company

Background on Al Codes:

Al Codes is a specialist information technology software designer and developer focused on the e-commerce sector. Al Codes has two primary lines of business: an IT consultancy business, which provides customised software, web and app development for clients, and an e-commerce cashback solution, OCTAPLUS, which leverages proprietary data analytic tools, including artificial intelligence technology, for user targeting. Al Code's key customer regions are currently Malaysia, Singapore and Hong Kong, with expansion plans to grow into China and Europe.

Dealing Codes:

TIDM

AIQ

ISIN

KYG0180A1022

SEDOL

BF5R710

LEI

213800HDDO9LNNBAYH53

 

Graham Duncan, Chairman of AIQ, commented:

"Today marks a foundational milestone in AIQ's development as we complete the acquisition of Alchemist Codes. This transformational step establishes AIQ as an experienced IT solutions and services business as well as offering our own AI-based e-commerce solution, OCTAPLUS. Whilst it is a difficult time for business globally, the value of digital solutions is more apparent than ever. We are now focused on expanding the Alchemist Codes IT consultancy business as well as progressing the rollout of OCTAPLUS, which we believe will position us for growth both now and in the years ahead. We look forward to updating the market on our progress and delivering shareholder value, and we thank our shareholders for their continued support."

 

Capitalised terms used in this announcement are as defined in the Prospectus, unless the context otherwise requires.  A copy of the Prospectus may be accessed at the following link:  https://www.aiqhub.com/web/download/200318_ProjectAA_Prospectus.pdf 

 

Enquiries

AIQ Limited
Graham Duncan, Chairman

+44 (0)754 900 5681

 

VSA Capital Limited - Financial Adviser and Broker
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate Broking)

+44 (0)20 3005 5000

Luther Pendragon (Media Relations)

Claire Norbury, Rachel So

+44 (0)20 7618 9100

 


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Acquisition completion and restoration of trading - RNS