REG - Asimilar Group PLC - Update re: Dev Clever Subscription Rights

AsimilarAnnouncement

27/01/2021 07:01

RNS Number : 9786M
  
Asimilar Group PLC
  
27 January 2021
  
 

The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon publication of the announcement via a regulatory information service, this information is considered to be in the public domain.
27 January 2021
 
 
ASIMILAR GROUP PLC ('ASIMILAR' OR 'THE COMPANY')
 
Update re: Dev Clever Subscription Rights
 
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, further to the announcements on 2 November 2020 and 1 December 2020, its wholly owned subsidiary, Intrinsic Capital (Jersey) Limited ("ICJL"), has agreed with Dev Clever Holdings plc ("Dev Clever") to revise the terms of the subscription rights held by ICJL to invest in new ordinary shares in Dev Clever at 10 pence per share ("Subscription Rights") as follows:
 
§ the longstop date of 30 June 2021 for the fourth investment tranche has been brought forward to 28 February 2021 to coincide with the long-stop date of the third investment tranche giving ICJL the right to subscribe to up to 60,000,000 ordinary shares in Dev Clever at a price of 10p per share, for a consideration of up to £6 million, by no later than 28 February 2021, subject to the publication by Dev Clever of a prospectus approved by the FCA no later than 28 February 2021, failing which the Subscription Rights will lapse. 
§ Under the revised arrangements, Dev Clever and ICJL have also agreed to vary ICJL's right to receive a warrant to subscribe for 50 million ordinary shares of Dev Clever at 25 pence per share ("Warrant"), such that the Warrant may be exercised in full or in part (each time in respect of at least 10 million new ordinary shares of Dev Clever) for a period of 2 years (rather than 3 years as per the original agreement) from the later of (a) completion of subscription by ICJL for the second investment tranche (as announced on 26 January 2021); or (b) the date of the grant of the Warrant.  The Warrant will be granted conditional upon Dev Clever shareholders having given authority to issue and allot all of the Warrant shares on a non pre-emptive basis.  For the avoidance of doubt neither the grant of the Warrant nor its exercise will be conditional on subscription by ICJL for any further subscription tranches (other than the second tranche).  The remaining provisions of the Warrant agreement remain unchanged. 
 
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Contacts



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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