TIDMAAA
RNS Number : 2584R
All Active Asset Capital Limited
26 June 2020
26 June 2020
All Active Asset Capital Limited
('AAAC' or 'the Company')
Extension of reporting deadline for publication of the annual
report and financial statements for the year ended 31 December 2019
('Annual Report')
Portfolio update
Change of broker
Extension of financial reporting deadline and update on
investment in Myanmar Allure Group Co., Ltd
AAAC has a 7% equity investment in Myanmar Allure Group Co.,
Ltd. ("the Myanmar Investment"), a company that owns and operates a
combined hotel, resort and gaming facility in Myanmar. The COVID-19
lockdown has prevented the Company from obtaining up to date
information about the trading performance and financial situation
of the Myanmar Investment, which was the sole investment held by
AAAC as at 31 December 2019. The Company has been informed that the
facility has been closed, due to the COVID-19 situation.
The Myanmar Investment (reflected in the Company's balance sheet
as at 31 December 2018 at a valuation of GBP971,252) is a
substantial component of the Company's gross assets in the
Company's Annual Report and, as an investment in an unlisted equity
security, the Myanmar Investment requires an annual assessment of
its fair value ("the Valuation Report") as part of the Company's
audit process.
Due to the COVID-19 pandemic and lockdown measures in Myanmar,
preparation of the Valuation Report has been delayed. Given the
material nature of the Myanmar Investment, the Valuation Report is
fundamental to an audit opinion within the Annual Report.
The Company has applied to AIM Regulation, pursuant to the
guidance provided by AIM Regulation in "Inside AIM" on 26 March
2020, for an additional period of up to three months to publish the
Annual Report. AIM Regulation has granted the extension and
therefore the Company will publish the Annual Report by no later
than 30 September 2020. If it is possible to publish the Annual
Report before this date, then the Board will seek to do so as
promptly as possible.
The Company has consulted with its British Virgin Islands
("BVI") lawyers and has been advised that it is not necessary for
the Company to file audited financial statements with the Registry
of Corporate Affairs in the BVI. Accordingly, a delay in the
publication of the Annual Report will not breach any regulations in
the BVI.
Portfolio update
The Company did not make any new investments during the year
ended 31 December 2019. In 2020, the Company made several
investments relating to Asimilar Group plc ("Asimilar").
The Company's current investment portfolio comprises three
assets: (i) the Myanmar Investment, as described above; (ii)
equity, warrants and options over warrants in Asimilar; and (iii)
cash reserves amounting to approximately GBP1.1 million following
completion of the recent placing.
Asimilar is an AIM quoted technology-focused investing company.
In the first half of 2020 the Company has acquired and holds the
following interests in Asimilar:
- 1,200,000 Asimilar shares (representing 1.14% of Asimilar's
current issued share capital), the details of which were announced
by AAAC on 30 March 2020.
- an option to acquire warrants over 15,500,000 Asimilar shares,
exercisable at 6p per Asimilar share each, expiring on 31 October
2020, the details of which were announced by AAAC on 14 May
2020.
- an option to acquire warrants over 5,000,000 Asimilar shares,
exercisable at 18p per Asimilar share each, expiring on 30
September 2020, the details of which were announced by AAAC on 14
May 2020.
- an option to acquire warrants over 1,200,000 Asimilar shares,
exercisable at 5p per Asimilar share each, expiring on 31 May 2022,
the details of which were announced by AAAC on 20 March 2020.
- warrants over 240,000 Asimilar shares, exercisable at 5p per
Asimilar share each, expiring on 31 May 2022, the details of which
were announced by AAAC on 20 March 2020.
These investments in equity, warrants and options over warrants
in Asimilar have an unaudited current carrying value of
approximately GBP1.1 million, being their acquisition price.
Asimilar's shares were suspended from trading on AIM on 14
February 2020, due to Asimilar seeking to make a potential
investment in Sentiance NV ("Sentiance"), which would comprise a
9.3% new equity stake, with options, which would increase
Asimilar's holding to up to 35.9% of Sentiance's enlarged issued
share capital. Sentiance is a private Belgian company, developing
artificial intelligence software, machine learning and contextual
behavioural data science.
Asimilar's potential Sentiance investment was classified as a
reverse takeover under the AIM Rules; Asimilar's shares were
trading at 47.5 pence when suspended. On 12 March 2020, Asimilar
announced a placing to raise GBP7.5m at 60 pence per share,
conditional on a number of matters, including Asimilar's enlarged
share capital being admitted to trading on AIM. There can be no
guarantee that Asimilar's potential Sentiance investment, nor the
Asimilar placing will be completed, or of the final terms and
timing of these transactions.
Change of Broker
Allenby Capital Limited is now the Company's sole broker and
remains the Company's nominated adviser.
For further information:
All Active Asset Capital Limited
James Normand, Non-Executive Chairman
Rodger Sargent, Executive Director
T: +44 (0) 7779 799431
www.aaacap.com
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Athanas / Alex Brearley
T: +44 (0) 203 328 5656
www.allenbycapital.com
Buchanan (Financial PR)
Richard Oldworth / Chris Lane / Toto Berger
T: +44 (0) 207 466 5000
E: AAAC@buchanan.uk.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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