Location Sciences Group PLC entered into exclusive non-binding heads of terms to acquire Sorted Holdings Limited for a nominal value of £1.00 on June 28, 2023. The consideration consists of nominal £1.00 in cash, the Company will assume approximately £4.0 million of Sorted's outstanding debt. It is also intended that if the Proposed Acquisition proceeds, existing subscribers, including shareholders of Sorted, will at the same time be given the opportunity to participate in a cash subscription for up to £5m of new shares in Location Sciences to seek to align their interests with those of existing Location Sciences shareholders. The Proposed Acquisition remains subject to a number of factors, including the completion of due diligence and negotiations to the Company's satisfaction, and, as such, there can be no certainty that a final binding agreement will be reached. On January 30, 2024, Location Sciences Group PLC has conditionally agreed to acquire the entire issued share capital of Sorted for an aggregate nominal consideration of approximately £66.73, to be paid by the Company in cash at Completion. In addition, as part of the terms of the Acquisition Agreement, Location Sciences will assume approximately £4.7 million (including accrued interest) of Sorted's outstanding debt. The Acquisition Agreement is conditional upon, inter alia; (i) the Resolutions being passed; (ii) the Drag Along being successfully completed; (iii) the Subscription being successfully completed; and (iv) Admission. The Company will use its existing cash resources to satisfy the costs and expenses associated with the Acquisition. For the year ended September 30, 2022, the company generated revenues in that year of approximately £6.4 million, total assets of approximately £32.4 million and net assets of £24.7 million. The Directors believe that the Acquisition represents a significant opportunity for the Group to implement its stated strategy to maximise shareholder value in the short-to-medium term. In connection with the Acquisition, Location Sciences has conditionally raised approximately £2.0 million (before expenses) pursuant to the Subscription through the proposed issue of 2,285,712 Subscription Shares at a price of 87.50 pence per Ordinary Share. As of February 16, 2024, the Company's change of name to "Sorted Group Holdings Plc" and change of AIM ticker symbol to "SORT" will take place. The acquisition now expected to complete, conditional on Admission, on 19 February 2024. As on February 19, 2024, the Company the Company has now acquired 97 per cent. of the issued share capital of Sorted Holdings Limited. The Company will complete its acquisition of the remaining three per cent. of the issued share capital of Sorted Holdings Limited within 20 business days from Completion, pursuant to the same mechanism.

David Hart and Vivek Bhardwaj of Allenby Capital Limited acted as financial advisor to Location Sciences Group PLC.