Asimilar Group PLC Further re:- Suspension

Fecha : 04/03/2020 @ 03:15
Fuente : UK Regulatory (RNS & others)
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Asimilar Group PLC Further re:- Suspension

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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 
 

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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March 04, 2020 04:15 ET (09:15 GMT)

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