(Alliance News) - All Active Asset Capital Ltd on Wednesday said it has granted options to Ramsey Consultants Ltd and Candy Ventures SARL for 200 million shares exercisable at 50 pence each.
These entities are the investment offices of David Rosen and luxury real-estate developer Nick Candy. Each of the two subscription option agreements is for up to 100 million shares, so worth GBP50 million each.
The firm noted that the 50 pence exercise it a significant premium to its Tuesday closing mid-market price of 29.6 pence. Shares in All Active were up 14% on Wednesday at 33.90p in London following the afternoon announcement.
All Active said the granting of the options follows approaches by Ramsey Consultants and Candy Ventures, which "expressed an interest" in the company's investment portfolio and particularly its option agreement with AAQUA BV.
All Active holds an option agreement with AAQUA, allowing All Active to subscribe for as many as 125,000 AAQUA shares at EUR1,000 each, an investment worth EUR125 million if fully exercised. Details of this deal were announced December 18.
All Active said the options granted to Rosen and Candy are exercisable until this coming November 30, though this will be shortened to 30 day should All Active exercise "not less than 75%" of the AAQUA option.
The options are subject to a minimum exercise of the lesser of 10 million All Active shares and the remaining balance of the All Active shares under options.
If the two sets of All Active options are exercised fully by Rosen and Candy, they will raise GBP100 million gross proceeds for All Active, representing around 16.5% of its enlarged share capital.
"Whilst the grant of the [All Active] options will not immediately provide funds for the company, the board believes that locking in an exercise price for potential investment by the option holders may be beneficial for the company in the future," All Active explained.
On top of the AAQA option, All Active's core investments including a EUR3.7 million convertible loan in MESH Holdings PLC. Its unaudited cash balance on December 11 was GBP10.3 million and it had net assets of GBP13.7 million.
Executive Director Rodger Sargent said: "We are pleased that our progress to date has been recognised by two eminent investors. Should the [All Active] options be exercised, this would provide substantial additional funding and enable us to further our strategy of technology investments."
By Anna Farley; annafarley@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.