(Alliance News) - Asimilar Group PLC said Wednesday it is continuing negotiations with Belgium data science firm Sentiance NV about its potential investment in the firm.
Asimilar said it will seek shareholder approval for its shares to be re-admitted to AIM. In mid-February, Asimilar's shares were suspended from trading after it signed a term sheet with Sentiance.
Asimilar was, until just before Christmas, known as YOLO Leisure & Technology.
Asimilar is hoping to invest an initial EUR7.5 million in Sentiance, by subscribing for 10,000 new shares at EUR750 each.
Asimilar also will be granted an option to buy 32,225 existing shares at EUR650 each and a further option to subscribe for 10,000 new shares at EUR750 each.
Asimilar will seek shareholder approval for both options. Assuming the initial investment and both options are granted approval, Asimilar will hold a 45% interest in Sentiance. This holding assumes no further share issuances by Sentiance, but Asimilar is expecting its holding to ultimately be about 36%.
As a result of the size of its expected shareholding, the investment will be considered a reverse takeover.
"The board confirms that the company's shares will continue to be suspended pursuant to AIM Rule 40 pending the publication of an admission document with further details in relation to the proposed investments and fundraise, however, there is no guarantee that any definitive agreement will be reached with Sentiance," Asimilar added.
Mesh Holdings PLC, a current 17% shareholder in Sentiance, said it has agreed to buy a further 48,337 shares in the company, at EUR650 per share.
The acquisition will takes its holding in Sentiance to 48%.
Mesh has separately agreed a right of first refusal with RRNB Capital Ltd over a further 6,667 shares. If it takes up the option to buy the RRNB shares, Mesh will hold 52% of Sentiance.
By Paul McGowan; paulmcgowan@alliancenews.com
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