Asimilar Group PLC Further re:- Suspension (9823E)
March 04 2020 - 3:15AM
UK Regulatory
TIDMASLR
RNS Number : 9823E
Asimilar Group PLC
04 March 2020
4 March 2020
Asimilar Group plc
("Asimilar" or the "Company")
Further re:- Suspension
Further to the announcement of 14 February 2020 in relation to
the temporary suspension of the Company's shares from trading on
AIM, the Company makes the following update.
The Company continues its discussions with Sentiance NV
("Sentiance"), a leading player in artificial intelligence ("AI"),
machine learning and contextual behavioural data science, and
intends to publish an admission document and to convene a General
Meeting seeking shareholder approval for the readmission of the
Company's shares to trading on AIM.
Subject to regulatory consents, the Company will seek
shareholder approval to subscribe for 10,000 new Sentiance shares
at a price of EUR750 per share for an aggregate consideration of
EUR7,500,000 ("Initial Investment"). The Initial Investment would
represent circa 9.3% of the enlarged share capital of
Sentiance.
In addition, the Company would be granted an option to purchase
32,225 existing Sentiance shares at an exercise price of EUR650 per
share ("Option 1") and a further option to subscribe for 10,000 new
shares in Sentiance at an exercise price of EUR750 per share
("Option 2"). Shareholder consent would also be sought to enter
into both Option 1 and Option 2.
Following the Initial Investment and assuming both Option 1 and
Option 2 were exercised the Company would have an interest over
circa 44.5% of Sentiance's so enlarged issued share capital,
assuming no other Sentiance shares were issued, but is currently
expected to have an aggregate interest of nearer 35.9% following
the anticipated issue of further Sentiance shares to a third party
and the exercise of share options by management and staff.
Due to the aggregate size of the proposed investment and the
options relative to the Company's existing portfolio, the proposal
will be classified as a reverse takeover under the AIM Rules and
therefore will be conditional, inter alia, upon the approval of
shareholders.
The Board confirms that the Company's shares will continue to be
suspended pursuant to AIM Rule 40 pending the publication of an
admission document with further details in relation to the proposed
investments and fundraise, however, there is no guarantee that any
definitive agreement will be reached with Sentiance.
Further announcements will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
**ENDS**
Enquiries
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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