REG - Asimilar Group PLC - Exercise of Warrants & Vesting of Warrants

AsimilarAnnouncement

29/03/2021 17:35

RNS Number : 8663T
  
Asimilar Group PLC
  
29 March 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.
29 March 2021
 
 
ASIMILAR GROUP PLC ('ASIMILAR' OR 'THE COMPANY')
 
Exercise of 2,531,250 Warrants, Issue of Equity and Total Voting Rights
 
Vesting of Warrants
 
 
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), hereby announces that the Company has received subscription notices exercising warrants to subscribe for 2,531,250 new ordinary shares in the Company at a subscription price of 30 pence per share (the "New Shares").
 
Application will be made for the admission of the 2,531,250 New Shares to trading on AIM and it is expected that dealings in the New Shares will commence on or around 6 April 2021.  On admission the New Shares will rank pari passu in all respects with the Company's existing ordinary shares.
Total Voting Rights
Following admission of the New Shares the total issued share capital of the Company will consist of 113,121,443 Ordinary Shares, each with voting rights. This number may be used by shareholders 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 Company under the FCA's Disclosure and Transparency Rules.
Vesting of Warrants
As previously announced, the Company's wholly owned subsidiary, Intrinsic Capital Jersey Limited ("ICJL") has exercised its subscriptions rights to acquire 70 million shares in Dev Clever Holdings plc ("Dev Clever") at 10p per share ("Subscription Rights").  ICJL had total Subscription Rights to acquire 100 million shares in Dev Clever, and therefore it has exercised 70 per cent. of the Subscription Rights.  Under the terms of the acquisition agreement for the purchase of ICJL, Mark Horrocks, a Director of the Company, was issued warrants to subscribe of 9,000,000 Asimilar ordinary shares at an exercise price of 0.01 pence per Asimilar ordinary share in 2 tranches of up to 4,500,000 warrants per tranche.  Each tranche is  exercisable for two years after the relevant price criteria having been reached.  The relevant price criteria are the mid-market closing price of shares in Dev Clever for a period of five consecutive Business Days being or exceeding (i) 28 pence; and (ii) 55 pence respectively. 
The mid-market closing price of shares in Dev Clever has now exceeded 28 pence for a period of five consecutive Business Days.  Therefore 70 per cent of the first tranche of 4,500,000 warrants (equating to 3,150,000 warrants) issued to Mark Horrocks has now vested.  The 3,150,000 warrants are exercisable at 0.01 pence per Asimilar ordinary share until 29 March 2023.
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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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