TIDMINSG

RNS Number : 5760I

Insig AI Plc

13 August 2021

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

13 August 2021

Insig AI plc

("Insig AI", the "Company" or the "Group")

Directorate Changes

Insig AI plc today announces the resignation of Matthew Farnum-Schneider, Executive Chairman. He will be leaving the Company after a short handover period. The Board is pleased to advise that Mr. Richard Bernstein a long-term supporter and shareholder of the Company, has agreed to become interim Non-Executive Chairman until such time as a replacement can be appointed. The Company has commenced a search for a permanent independent non-executive to chair the Group.

Mr. Farnum-Schneider joined the Group in August 2019 and has overseen its transformation from a sports coaching business through to the completion of the acquisition and reverse takeover of Insight Capital Partners Limited, while also supporting the delivery of Insig's suite of data science and machine learning products which will help drive the Group's revenue.

Having successfully achieved these milestones, Mr. Farnum-Schneider has decided to focus on other value-creating opportunities. Until a replacement can be appointed, Richard Bernstein will be the interim Non-Executive Chairman of Insig AI, with immediate effect.

Richard Bernstein qualified as a chartered accountant in 1989 and between 1994 and 1996 ran his own specialist research house, Amber Analysis. Amber Analysis provided a risk management service for UK institutions managing over GBP100 billion in assets. Mr Bernstein subsequently joined Schroder Securities as an equities analyst and became the Chief Executive Officer of AIM-listed Eurovestech plc, a high technology development capital fund. In 2008, Mr Bernstein was appointed as an investment manager of Crystal Amber Fund Limited, an AIM-listed activist fund investing predominately in small to mid-cap UK equities.

Richard Bernstein said: "I am delighted to become Chairman of Insig AI on an interim basis to help guide the Company through its next phase of development. I believe the Company has very exciting prospects in the fast-growing field of applying AI and machine learning more intensively and productively in the financial services industry. Having been involved in the Company from the beginning, and helping to bring Insig AI to AIM, it is a pleasure to chair its Board, while we search for a long-term replacement."

Steve Cracknell, Insig AI plc CEO commented: " I want to thank Matt for his work over the past couple years to shepherd the marriage between Catena and Insight Capital through where we are today and wish him all the best in his future endeavours."

Matthew Farnum-Schneider commented: "Having completed a successful IPO, and with the Insig AI executive team led by Steve bedded in, I feel it is now time for me to move on to a fresh challenge. I look forward to watching Insig AI grow and develop in the future."

In accordance with Schedule 2(g) of the AIM Rules, Richard Philip Bernstein (aged 58) holds or has held in the past five years the following directorships and partnerships:

 
 Current                                     Last 5 years 
                                             Barbican Trust Centre Limited 
 Better Lives For Pets                        (The) 
 Crystal Amber Advisers (UK) LLP             Toluna Holdings Limited 
 Crystal Amber Asset Management (Guernsey) 
  Limited                                    Toluna UK Limited 
 Share & Share Alike Limited                 Audionamix Limited 
 Eurovestech plc                             Thin Film Electronics ASA 
 Audionamix SA

Richard Bernstein holds 12,435,000 ordinary shares of 1 pence each in the Company, equivalent to 12.6% of the Company's issued share capital.

Also, in accordance with the disclosure requirements of Schedule 2(g), Richard Bernstein has twice previously been appointed as a director where the company had already entered into a company voluntary arrangement ("CVA") or compulsory liquidation as nominated by a shareholder of the respective companies:

   1. Richard Bernstein was appointed to the board of directors of JJB Sports plc on 6 May 2011. On 22 March 2011, 
      prior to Mr Bernstein's appointment, JJB Sports plc entered into a CVA which concluded on 1 October 2012. On 1 
      October 2012 JJB Sports plc, was placed into administration with a total deficiency of GBP266,898,383 of which 
      after the administration a deficiency of GBP460,900 endured. 
 
   2. Richard Bernstein was appointed to the board of directors of Easybusiness SA on 19 January 2005. On 27 November 
      2002, prior to Mr Bernstein's appointment, the Commercial Court of Nanterre, France (the "Court"), ordered a 
      judicial liquidation of Easybusiness SA. On 31 March 2009 Easybusiness SA was struck off the registry for 
      companies following the conclusion of insufficient assets by the Court.

This announcement has been approved by Steve Cracknell, CEO, on behalf of the Company.

For further information, please visit www.insg.ai, or contact:

 
 Insig AI plc 
 Steve Cracknell, CEO                     Via SEC Newgate 
 Zeus Capital Limited (Nominated 
  Adviser & Broker) 
 
  David Foreman / James Hornigold         +44 (0) 203 829 5000 
 SEC Newgate (Financial PR)               +44 (0) 7540 106 366 
  Robin Tozer / Tom Carnegie / Richard    insigai@secnewgate.co.uk 
  Bicknell

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END

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August 13, 2021 02:30 ET (06:30 GMT)

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