Update re: Dev Clever Holdings plc and Sentiance Loan Repayment
02 November 2020
Asimilar Group plc (AIM: ASLR), the AIM quoted investing company focused on technology opportunities in the fields of big data, machine learning, telematics and the Internet of Things (IoT), announces that its wholly owned subsidiary, Intrinsic Capital Jersey Limited ("ICJL"), which currently holds 20 million shares in Dev Clever Holdings plc ("Dev Clever") (representing 4.25% of Dev Clever's issued share capital), has agreed, subject to Dev Clever publishing a prospectus by 30 November 2020, to extend the deadline in relation to the second tranche of its subscription rights to invest in new shares in Dev Clever ("Subscription Rights") from 31 October 2020 to 30 November 2020. Dev Clever is listed on the Standard List of the London Stock Exchange.
The revised Subscription Rights give ICJL the right to subscribe for up to a further 80 million new ordinary shares in Dev Clever ("Subscription Shares") at 10.0 pence per Subscription Share in the following tranches:
- 20 million Subscription Shares on or before 30 November 2020;
- 20 million Subscription Shares on or before 28 February 2021; and
- 40 million Subscription Shares on or before 30 June 2021.
Following the exercise of the Subscription Rights in full, ICJL would be entitled to exercise a warrant to subscribe for up to 50,000,000 additional Dev Clever shares at a price of 25 pence. ICJL can opt to accelerate the subscription of these tranches and will keep this option under review as it is keen to support the strategic development of Dev Clever.
Loan to Sentiance
The Company announced on 30 September 2020 that it remained in regular discussions with Sentiance over the repayment of the €3m loan that was advanced while it was in negotiations regarding the proposed investment in Sentiance. The terms of the loan agreement are that it should be repaid on or before 25 February 2021, however the discussions regarding early repayment remain ongoing, and a further announcement will be made in due course.
Asimilar Group plc
John Taylor, Non-Executive Chairman
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