(Alliance News) - Asimilar Group PLC on Thursday said it will raise GBP7.5 million through the issue of 12.5 million new shares at 60 pence per share.
Asimilar is a AIM-listed investing company focused on technology opportunities in the fields of big data, machine learning, telematics and the Internet of Things.
The share placing is conditional on the company publishing an admission document for re-admission to trading on AIM and Asimilar completing its initial EUR7.5 million equity investment in Belgian artificial intelligence software developer Sentiance NV, among other conditions.
Asimilar, which was earlier called YOLO Leisure & Technology, 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.
The suspension in trading in Asimilar's shares will be lifted on the publication of an admission document, which will include details of the proposed transaction, or in the event that that discussions between Asimilar and Sentiance terminate.
By Tapan Panchal; tapanpanchal@alliancenews.com
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