(Alliance News) - Asimilar Group PLC on Tuesday said its subsidiary Intrinsic Capital Jersey Ltd has subscribed for 20 million new shares in careers guidance platform developer Dev Clever Holdings PLC at a price of 10 pence per share, or GBP2 million in total.
This shares subscription is part of the UK technology investment firm's second tranche of its subscription rights to invest in new shares in Tamworth-based Dev Clever.
The issue of the shares is conditional upon either the company producing a prospectus approved by the Financial Conduct Authority by January 25, 2021 or 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.
Additionally, ICJL can subscribe for 20 million shares in Dev Clever on or before February 28, 2021 and 40 million shares on or before June 30, 2021 at 10 pence per share. Following this, ICJL would be entitled to exercise a warrant to subscribe for up to 50 million additional Dev Clever shares at a price of 25 pence per share.
Dev Clever said it remains in discussions with ICJL about accelerating the two remaining investment tranches.
Shares in Asimilar were up 2.2% at 23.00 pence and shares in Dev Clever were up 0.7% at 7.50 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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