Completion of Subscription

RNS Number : 6385S

Asimilar Group PLC

18 March 2021

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

18 March 2021

ASIMILAR GROUP PLC ('ASIMILAR' OR 'THE COMPANY')

Completion of Subscription

Further to the announcement of 1 March 2021, 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), notes the announcement today by  Dev Clever Holdings plc ("Dev Clever") that it has published a prospectus dated 17 March 2021. 

Accordingly the subscription by the Company's wholly owned subsidiary, Intrinsic Capital Jersey Limited ("ICJL"), for 30 million ordinary shares in Dev Clever at 10 pence per share will now proceed, with completion expected to occur on or around 23 March 2021 when the new ordinary shares in Dev Clever are admitted to trading.

On completion of the subscription, Asimilar will have an interest in 70 million ordinary shares in Dev Clever representing approximately 12.2 per cent. of Dev Clever's issued share capital.  In addition to the 70 million ordinary shares, Asimilar  retains a warrant to subscribe for 35 million new ordinary shares in Dev Clever at 25 pence per Dev Clever share.  

Commenting on the completion of subscription, John Taylor, Non-Executive Chairman of Asimilar, said:  "The successful completion of this subscription, with the share price of Dev Clever now trading at a significant premium to our entry price, demonstrates our ability to spot exciting opportunities and ensures we are able to benefit from their future growth. 

"We remain excited by the future prospects of a number of our other investments and will update shareholders, as appropriate, in due course."

-ends-

For further information please contact:

	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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