(Alliance News) - Asimilar Group PLC's shares rose Wednesday as the company announced a GBP6.8 million share placing to fund new investments.
Asimilar was, until just before Christmas, known as YOLO Leisure & Technology.
It has placed 17.0 million new shares at a price of 40 pence each, and has also attached a warrant to each share exercisable at 130p up to the end of 2021. If all warrants were exercised, Asimilar would raise a further GBP22.1 million.
Shares were 24% higher on Wednesday morning at a price of 40.30p each, giving it a market capitalisation of GBP33.1 million.
"The proceeds of the placing will be used, in conjunction with the funds currently held by Asimilar, to pursue the company's investing policy of focusing on technology opportunities in the fields of big data, machine learning, telematics and the internet of things," said Asimilar.
"The company is currently actively considering a number of potential investment opportunities some of which may, or may not, lead to a reverse takeover at some time in the future."
Chair John Taylor added: "We are excited by this premium equity placing which facilitates considerably greater capital flexibility for Asimilar to pursue a select number of potentially bold and transformative investment options.
"We look forward to keeping shareholders updated on our progress over the coming period."
By George Collard; georgecollard@alliancenews.com
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