16
July 2024
MicroSalt
Plc
("MicroSalt" or the "Company")
Exercise of Warrants, PDMR
Dealing and Total Voting Rights
MicroSalt plc, a company
commercialising a patented technology to produce full-flavour,
low-sodium salt for food manufacturers and consumers, announces
that 313,955 ordinary shares of £0.001625 each ("Ordinary Shares") have been allotted to
certain shareholders, including Gary Urmston, Non-Executive
Director and a PDMR, to satisfy the exercise of warrants in the
Company.
Exercise of Warrants
Further to the announcement dated 24
May 2024, the Company has exercised its right under the warrant
instrument dated 26 January 2024 to call outstanding warrants over
7,313,976 Ordinary Shares ("Warrants"), pursuant to which a further
313,955 Ordinary Shares have been issued to warrant holders
("Warrant Exercise"). The
warrants are exercisable at a price of 47.3 pence per Ordinary
Share. Further details of the Warrants are contained in the
Company's Admission Document, available on the Company's
website www.microsalt.co.
Application has been made to the
London Stock Exchange for the admission of 313,955 new Ordinary
Shares. It is expected that admission will become effective on or
around 19 July 2024 ("Admission").
PDMR Dealing
Gary Urmston has exercised 46,512
warrants over Ordinary Shares pursuant to the Warrant Exercise.
Following the Warrant Exercise and subject to Admission, Gary
Urmston will have an interest in 93,024 Ordinary Shares,
representing 0.2% of the Total Voting Rights of the Company and
will no longer hold any warrants.
Total Voting Rights
Following Admission, the total
number of ordinary shares and voting rights in the Company will be
47,786,900. The Company does not hold any shares in
treasury.
The above 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 to their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency
Rules.
For
further information, please visit MicroSalt's
website or contact:
MicroSalt plc
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Via Flagstaff PR
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Rick Guiney, CEO
|
|
|
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Zeus (Nominated Adviser and
Broker)
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+44 (0)20 3829 5000
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David Foreman / James Edis
(Investment Banking)
|
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Dom King (Corporate Broking), Rupert
Woolfenden (Sales)
|
|
|
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Flagstaff PR (Financial
PR/IR)
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+44 (0)20 7129 1474
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Tim Thompson / Alison Allfrey / Anna
Probert
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Notes to Editors
MicroSalt® produces a patented
full-flavour, low-sodium salt for food manufacturers and
consumers.
MicroSalt is a major potential
disruptor in the food market, thanks to its micron sized particles
which deliver the same sense of saltiness to a wide range of foods
but with approximately 50% less sodium. Excess sodium consumption
is a significant contributor to cardiovascular disease and
MicroSalt's solution meets the rising demand for healthier
alternatives to traditional salt. The WHO
has set a target for reducing global sodium intake by 30% by 2025,
which it estimates will save 7 million lives by 2030.
Each year, cardiovascular disease
costs the UK £19 billion - if the average salt intake was reduced
by one gram per day, it has been estimated that 4,147 lives and
£288 million would be saved each year in the UK. As a nation, the
UK consumes 183 million kilograms of salt each year, and 70 per
cent. of the typical person's sodium intake is hidden in processed
foods.
Operational since 2018, MicroSalt
uses a patent-protected technology which helps create high barriers
to entry within the reduced-sodium salt market. The group has a US
patent and 14 patent applications pending in other jurisdictions
globally.
The Directors believe that MicroSalt
is well positioned to capture growth in the low sodium market,
which is expected to grow exponentially, and that there is also
scope to enter the larger salt market.
MicroSalt has a three-pronged
marketing strategy, targeting large B2B food manufacturers, the B2C
market and e-commerce customers. MicroSalt's all natural,
low-sodium solution is well positioned to take advantage of the
fast-growing market for a healthier alternative to traditional
salt.
ENDS
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
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1
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Details of the person discharging managerial
responsibilities/person closely associated
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a.
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Name
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Gary Urmston
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2
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Reason for notification
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a.
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Position/Status
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Non-Executive Director
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b.
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Initial notification/
Amendment
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Initial Notification
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3
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Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a.
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Name
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MicroSalt plc
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b.
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LEI
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213800L7WRHP8CCEEQ48
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4
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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.
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Description of the financial
instrument, type of instrument
Identification Code
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Ordinary Shares of
£0.001625 each
ISIN: GB00BQB6FF85
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b.
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Nature of the transaction
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Exercise of warrants
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c.
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Price(s) and volume(s)
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Price(s)
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Volume(s)
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47.3p
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46,512
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d.
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Aggregated information
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N/A
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e.
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Date of the transactions
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12 July 2024
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f.
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Place of the transaction
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Off market
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