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ASLR - Asimilar News Story

38p -1.0  -2.6%

Last Trade - 22/04/21

Sector
Financials
Size
Micro Cap
Market Cap £47.3m
Enterprise Value £46.7m
Revenue £14.0k
Position in Universe 1259th / 1821

Asimilar Group PLC - Assignment of Subscription Rights

Thu 25th February, 2021 7:00am
RNS Number : 2735Q
Asimilar Group PLC
25 February 2021
 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended)

 

 

25 February 2021

 

 

ASIMILAR GROUP PLC ('ASIMILAR' OR 'THE COMPANY')

 

Assignment of Dev Clever Subscription Rights

 

 

Further to the announcement dated 27 January 2021, Asimilar Group plc (AIM: ASLR), the AIM quoted investment company focused on technology opportunities in the fields of big data, machine learning, telematics and the Internet of Things (IoT), announces that its wholly owned subsidiary, Intrinsic Capital Jersey Limited ("ICJL"), has assigned its right to subscribe for up to 30 million ordinary shares in Dev Clever Holdings plc ("Dev Clever") at 10 pence per share ("Subscription Rights") to Sitius Limited ("Sitius").  Sitius is an investment vehicle wholly owned by Dr David von Rosen.  The consideration for the assignment is £3 million in cash.

 

ICJL retains the remaining Subscription Rights to subscribe for a further 30 million ordinary shares in Dev Clever at 10 pence per share for an aggregate subscription price of £3 million.  Completion of the subscription is subject to the publication by Dev Clever of a prospectus approved by the FCA on or before 28 February 2021.  The Company intends to use the cash consideration arising from the assignment to Sitius to meet the cost of the subscription in full for the remaining 30 million ordinary shares in Dev Clever under the remaining Subscription Rights held by ICJL. 

 

In addition, ICJL has transferred a warrant to subscribe for 15 million new ordinary shares of Dev Clever at 25 pence per Dev Clever share to Sitius for a consideration of £500,000 in cash.  ICJL retains a warrant to subscribe for 35 million new ordinary shares in Dec Clever at 25 pence per Dev Clever Share.  The consideration for the transfer of the warrant to Sitius will be used by Asimilar to make investments in accordance with its investing policy.

 

Issue of Warrants

 

Asimilar has also agreed to issue to Sitius warrants to subscribe for up to 6 million new ordinary shares in Asimilar at an exercise price of 50 pence per Asimilar ordinary share at any time from 25 February 2021 until 24 August 2022.

 

Asimilar will make a further announcement in due course.

 

-ends-

 

 

For further information please contact:



 

 

Asimilar Group plc


 

John Taylor, Non-Executive Chairman

via Buchanan

 



 

Cairn Financial Advisers LLP


 

Sandy Jamieson / Liam Murray

Tel: +44 20 7213 0880

 



 

Peterhouse Capital Limited


 

Duncan Vasey / Lucy Williams

Tel: + 44 20 7220 9797

 



 

Buchanan Communications Limited


 

Richard Oldworth / Chris Lane

Tel: +44 (0) 20 7466 5000

 

 

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