TIDMASLR
RNS Number : 0638Z
Asimilar Group PLC
08 January 2020
Asimilar Group plc
("Asimilar" or the "Company")
GBP6.8 million Equity Placing at 40 pence per share with
Warrants
Asimilar Group Plc, the AIM quoted investment company focused on
technology opportunities in the fields of big data, machine
learning, telematics and the Internet of Things (IoT), is pleased
to announce that it has raised GBP6.8 million (gross) of new equity
by way of a placing (the "Placing") of 17,000,000 new Ordinary
Shares in the Company (the "Placing Shares") at a price of 40 pence
per Ordinary Share with existing and new investors.
A warrant will be issued for every Placing Share subscribed for
as part of the Placing exercisable at 130 pence per Ordinary Share
from the date of issue up to 31 December 2021 ("Warrant"), with an
accelerated exercise provision in the event that the mid-market
price for Asimilar's Ordinary Shares reaches 280 pence per Ordinary
Share for 5 consecutive business days. The Warrants will be
required to be exercised within 21 calendar days of such an event
or otherwise will lapse. Exercise of all the Warrants in the
Company issued as part of the Placing would raise a further GBP22.1
million for the Company.
Investors that have committed to subscribe for Placing Shares
include Nigel Wray and Chris Akers.
The proceeds of the Placing (after expenses) will be used, in
conjunction with the funds currently held by Asimilar, to pursue
the Company's investing policy of focusing on technology
opportunities in the fields of big data, machine learning,
telematics and the internet of things. The Company is currently
actively considering a number of potential investment opportunities
some of which may, or may not, lead to a reverse takeover at some
time in the future.
Following completion of the Placing, Asimilar expects to have
net cash available for investment of approximately GBP9.3
million.
The Placing will complete in 2 tranches, the first of which will
complete on or around Friday 24 January 2020 and the second will
complete on or around 13 March 2020.
Tranche 1
The GBP4,000,000 subscription monies payable for 10,000,000 of
the Placing Shares ("Tranche 1 Placing Shares") are payable on 24
January 2020. Application will be made to the London Stock Exchange
for the Tranche 1 Placing Shares to be admitted to trading on AIM
("Admission") and it is expected that Admission of the Tranche 1
Placing Shares will become effective on or around 24 January
2020.
Tranche 2
The GBP2,800,000 subscription monies payable for 7,000,000 of
the Placing Shares ("Tranche 2 Placing Shares") are payable on 13
March 2020. Application will be made for admission of the Tranche 2
Placing Shares and it is expected that admission of the Tranche 2
Placing Shares will become effective on or around 13 March
2020.
All the Placing Shares will rank pari passu with the Company's
existing Ordinary Shares in all respects.
Total Voting Rights
The current issued share capital of the Company is 82,132,276
Ordinary Shares, each with voting rights. This figure may be used
by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change to their interest in, the Company, under the
Disclosure and Transparency Rules.
Following the admission of the 11,562,500 Ordinary Shares issued
pursuant to the placing announced on 18 December 2019 on or around
20 January 2020, the total issued share capital of the Company will
be 93,694,776 Ordinary Shares, each with voting rights.
Following the admission of the 10,000,000 Tranche 1 Placing
Shares on or around 24 January 2020, the total issued share capital
of the Company will be 103,694,776 Ordinary Shares, each with
voting rights.
Following the admission of the 7,000,000 Tranche 2 Placing
Shares on or around 13 March 2020, the total issued share capital
of the Company is expected to be 110,694,776 Ordinary Shares, each
with voting rights.
As part of the Placing, Nigel Wray, who currently holds 12.19%
of the issued share capital in the Company, has subscribed for
1,875,000 Ordinary Shares. Following admission of the Tranche 1
Placing Shares, he will hold approximately 11.5% of the issued
share capital. Nigel Wray's participation in the Placing is
considered to be a related party transaction under the AIM Rules
for Companies. The Directors, having consulted with the Company's
Nominated Adviser, consider that the terms of the participation of
Mr Wray in the Placing are fair and reasonable insofar as the
Company's shareholders are concerned.
New Website
Following the change of name announced on 23 December 2019, the
Company's website address has been changed to
www.asimilargroup.com.
John Taylor, Chairman of the Company said:
"We are excited by this premium equity placing which facilitates
considerably greater capital flexibility for Asimilar to pursue a
select number of potentially bold and transformative investment
options. We look forward to keeping shareholders updated on our
progress over the coming period".
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 Wallbrook
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
Walbrook PR Ltd Tel: +44 20 7933 8787
Paul McManus Mob: +44 7980 541 893
Nick Rome Mob: +44 7748 325 236
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END
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