Completion of Agreement & Lifting of Suspension

RNS Number : 0100X

Asimilar Group PLC

25 August 2020

 

The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon publication of the announcement via a regulatory information service, this information is considered to be in the public domain.

25 August 2020

Asimilar Group plc

('Asimilar' or the 'Company')

Completion of Agreement with MESH Holdings plc

Lifting of Suspension

Further to its announcement on 20 August 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) , is pleased to announce that the assignment to MESH Holdings Plc ("MESH") of the Company's interest and rights to invest in Sentiance NV ("Sentiance") has now completed.  Accordingly Asimilar has now terminated its negotiations with Sentiance in relation to the proposals announced on 4 and 12 March 2020, and the Company has requested that the suspension of trading in the Company's shares on AIM be lifted at 7.30 a.m. today. 

As part of the negotiations regarding the proposed investment in Sentiance, the Company transferred €6 million to a notarial escrow account, to be returned to the Company if the investment did not proceed.  The Company agreed that €3 million of the escrow monies could be advanced to Sentiance by means of a loan with interest accruing at 3% per annum.  The Company has now received €3 million of the escrow monies and expects that the remaining €3 million will be returned to the Company in September 2020.

MESH has today issued to Asimilar 24 million new ordinary shares in MESH credited as fully paid.  MESH currently has 246,090,166 ordinary shares in issue.  Therefore, Asimilar now holds approximately 8.89% of the enlarged issued share capital of MESH.

MESH currently owns 16,333 shares in Sentiance equating to 16.8 per cent of Sentiance's current issued share capital.  MESH also owns the intellectual property of Billion Dollar Draw and has engaged and funded Sentiance to develop a "Consumer-to-Brand" intelligence and recommendation platform called Aaquita.  MESH's audited net assets as at 30 September 2019 were £16.6 million.

-Ends-

Contacts

Asimilar Group plc
John Taylor, Non-Executive Chairman	via Buchanan
Cairn Financial Advisers LLP
Sandy Jamieson / Liam Murray	Tel: [phone]
Peterhouse Capital Limited
Duncan Vasey / Lucy Williams	Tel: + 44 20 7220 9797
Buchanan Communications Limited
Richard Oldworth / Chris Lane	Tel: [phone]

 

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