Asimilar Group PLC Update re: Dev Clever Subscription Rights (9786M)
27 January 2021 - 06:00PM
UK Regulatory
TIDMASLR
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
GBP6 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.
-Ends-
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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END
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