RCS - All Active Asset Cap - Fundraising and investment into Sentiance

Delivery Hero SEAnnouncement

10/07/2023 12:00

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RNS Number : 5082F  All Active Asset Capital Limited  10 July 2023

                        10 July 2023

 

 

All Active Asset Capital Limited

('AAA' or 'the Company')

 

Fundraising and investment into Sentiance

 

 

Fundraising and investment in Sentiance

 

AAA has received commitments, subject to clawback, to raise £1,250,000 of
cash through the issue of new ordinary shares at 1p each, as part of a
fundraising of up to £2,000,000 (the 'AAA Fundraising') as detailed below.

 

AAA owns 25% of the issued share capital of Sentiance N.V. ('Sentiance'), the
Belgian artificial intelligence ('AI') software development business. Details
of Sentiance's technology and products are at www.sentiance.com
(http://www.sentiance.com) , which explains that Sentiance provides AI
solutions to blue chip companies such as Uber, Absa, Verisure, DBS Bank,
Microsoft and Delivery Hero, among others.

 

The AAA Board believes Sentiance and its technology have the potential to
become substantially more valuable than currently. Initially, Sentiance could
become a leading player in the insuretech sector but AAA believes its
technology could be subsequently deployed in the automotive, logistics, last
mile delivery and gig economy industries and beyond.

 

The proceeds of the AAA Fundraising will be used to acquire additional new
equity in Sentiance as part of a fundraising that Sentiance is currently
undertaking (the 'Sentiance Fundraising'). The Sentiance Fundraising is the
first part of a number of planned corporate and operational developments
within Sentiance. Conversations between Sentiance and AAA continue regarding
the possibility of significant further investment and involvement from AAA,
and updates on these discussions will be given to shareholders as they
develop.

 

Offer to all shareholders

 

To fund both AAA's investment into Sentiance and AAA's working capital needs,
AAA intends to raise up to £2,000,000 before expenses by way of an offer of
up to 200,000,000 new AAA shares at 1p each. As detailed above, AAA has
already received commitments, subject to clawback, of £1,250,000 of this
£2,000,000.

 

The shares are being offered to all eligible shareholders, who may apply for
as many shares as they wish. If demand exceeds 200,000,000 shares, the Board
reserves the right to issue up to a further 100,000,000 shares at the same
price. Only if applications exceed the number of shares available, will they
be scaled back so that shareholders receive at least their pro-rata share. If
shareholders do not take up all of the available shares, the Board may offer
them to third parties on the same terms.

 

Prior to the AAA Fundraising, AAA had 1,879,336,437 shares in issue, and this
number should be used by shareholders to work out their pro-rata entitlements.

 

A circular is being posted to eligible shareholders today with details of how
to participate in the AAA Fundraising.

 

The AAA Fundraising is not open to shareholders in the following restricted
jurisdictions: the United States, Canada, Australia, Japan, New Zealand, the
Republic of South Africa and any other jurisdiction where the extension or
availability of the offer (and any other transaction contemplated thereby)
would constitute a violation of the relevant laws and/or regulations of that
jurisdiction, or where local laws and/or regulations may result in a
significant risk of civil, regulatory or criminal exposure, or would result in
a requirement to comply with any governmental or other consent or any
registration, filing or other formality which the Company regards as unduly
onerous.

 

Future plans

 

AAA will update shareholders before the end of this month on the result of the
Sentiance Fundraising, the AAA Fundraising and other corporate developments.

 

Whilst the fundraise is at a significantly reduced level to previous
fundraises, the investment in Sentiance gives AAA the chance to recoup some of
the lost value that shareholders have suffered. There is a long way to go,
but, in the Board's opinion, Sentiance's artificial intelligence technology
has the potential to achieve this restoration of value.

 

 

For further information:

All Active Asset Capital Limited

James Normand, Non-Executive Chairman

Colin McQuade, Executive Director

www.aaacap.com (http://www.aaacap.com/)

 

Buchanan (Financial PR)

Richard Oldworth / Chris Lane / Toto Berger

t: +44 (0) 207 466 5000

e: AAAC@buchanan.uk.com (mailto:AAAC@buchanan.uk.com)

 

 

 

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