Award of Warrants to Director
20 October 2020
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 the Company has issued warrants to subscribe for 1,000,000 new ordinary shares ("Warrants") to Mark Horrocks following his appointment to the Board as Non-Executive Director on 23 September 2020. This represents 0.93% of the current issued share capital in the Company. The Warrants are exercisable at a price of 30 pence per share, and may be exercised, subject to the provisions of the Company's share dealing code, at any time within three years from issue.
As part of Mark Horrocks' Service Agreement, he has agreed to forego any salary entitlement in association with his employment as a Non-Executive Director of Asimilar Group Plc for 12 months from the date of his appointment. The granting of the Warrants to Mark Horrocks is considered to be a related party transaction ("Transaction") pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company (excluding Mark Horrocks) consider, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
Details of the person discharging managerial responsibilities/person closely associated
Reason for the notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Asimilar Group Plc
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument
Warrants to subscribe for Ordinary shares of 0.01 pence per share par value
Nature of the transaction
Issue of Warrants
Price(s) and volume(s)
1,000,000 Warrants to subscribe for Ordinary shares of 0.01 pence per share par value
30.0 pence per Ordinary share
Date of the transaction
19 October 2020
Place of the transaction
Outside a trading venue
Mark Horrocks, his related parties and other members of his family have an interest in 5,422,947 Asimilar ordinary shares, representing 5.1% of Asimilar's issued share capital. Mark Horrocks has additional warrants to subscribe for up to 9,000,000 Asimilar ordinary shares in 2 tranches of up to 4,500,000 warrants per tranche. Each tranche will be exercisable for two years after the relevant price criteria having been reached. The relevant price criteria are the mid-market closing price of shares in Dev Clever Holdings plc for a period of five consecutive Business Days being or exceeding (i) 28 pence; and (ii) 55 pence respectively.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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