Asimilar Group raises stake in Dev Clever
Technology-focussed investment company Asimilar Group updated the market on its investment in Dev Clever on Tuesday.
The AIM-traded firm said its wholly-owned subsidiary Intrinsic Capital Jersey (ICJL) had conditionally subscribed for 20,000,000 new shares in Dev Clever at a price of 10p each, being the second tranche of its subscription rights to invest in new shares in Dev Clever.
It said ICJL had agreed with Dev Clever to amend the terms of its investment agreement, so that completion of the second subscription was conditional on either Dev Clever publishing a prospectus approved by the FCA on or before 25 January 2021; or the issue and admission of the subscription shares from 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,” the board said in its statement.
“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, with the subscription for the third and fourth investment tranches remaining 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.”
At 1339 GMT, shares in Asimilar Group were up 2.22% at 23p.