Update re subscription in Dev Clever

RNS Number : 8404M

Asimilar Group PLC

26 January 2021

 

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.

26 January 2021

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

Investment in Dev Clever

Further to the announcement dated 1 December 2020, 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) , announces that the subscription for a further 20 million new ordinary shares in Dev Clever Holdings plc ("Dev Clever") by its wholly owned subsidiary, Intrinsic Capital (Jersey) Limited ("ICJL"), at a subscription price of 10 pence per Dev Clever share is now unconditional, as the issue and admission of these shares is now exempt from requirement for the publication by Dev Clever of a prospectus.  This subscription represents the second tranche of the conditional subscription rights held by ICJL to invest in new ordinary shares in Dev Clever at 10 pence per share ("Subscription Rights"). 

The completion of the subscription and the admission of the new shares to trading is expected to be on or around 29 January 2021, whereupon Asimilar will own 40 million shares in Dev Clever, representing 8.1% of Dev Clever's enlarged issued share capital.

Asimilar is in discussions with Dev Clever about the opportunity to accelerate the two remaining investment tranches under the Subscription Rights, subject to the publication by Dev Clever of a prospectus.  A further announcement will be made in due course.

-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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