Further conditional investment in Dev Clever

RNS Number : 0196H

Asimilar Group PLC

01 December 2020

 

Asimilar Group Plc

("Asimilar" or the "Company")

Further conditional investment in Dev Clever

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), provides an update on its investment in Dev Clever Holdings plc ("Dev Clever").

Asimilar's wholly owned subsidiary, Intrinsic Capital (Jersey) Limited ("ICJL"), has conditionally subscribed for 20,000,000 new shares in Dev Clever at a subscription price of 10p per share ("the Subscription Shares"), being the second tranche of its subscription rights to invest in new shares in Dev Clever.

ICJL has agreed with Dev Clever to amend the terms of its investment agreement so that completion of the second subscription is conditional on either (1) Dev Clever publishing a prospectus approved by the FCA on or before 25 January 2021; or (2) the issue and admission of the Subscription Shares in respect of the second tranche being exempt from the requirement for publication by Dev Clever of a prospectus.

Asimilar currently has an interest in 20 million shares in Dev Clever (representing 4.2% of Dev Clever's issued share capital).  On completion of the second subscription, Asimilar would have an interest over 8.1% of Dev Clever's enlarged issued share capital.

Dev Clever is listed on the Standard List of the London Stock Exchange.  The subscription for the third and fourth investment tranches remains conditional on the publication of a prospectus by Dev Clever. 

Asimilar is in discussions with Dev Clever about the opportunity to accelerate the two remaining investment tranches, subject to the publication by Dev Clever of a prospectus.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The Directors of the Company take responsibility for this announcement.

**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]

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

END

 

 

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