25th Aug 2020 10:30
(Alliance News) - Asimilar Group PLC on Tuesday requested that its AIM suspension be lifted as it has now assigned its interest and rights to invest in Sentiance NV to MESH Holdings PLC.
Having completed its agreement with MESH, Asimilar's negotiations with Sentiance - in which it had intended to invest an initial EUR7.5 million with options to buy and subscribe for further shares - have been terminated.
With these negotiations now over, Asimilar's shares can be traded again and were down 33% at 32.00 pence in London on Tuesday morning.
As part of talks for the proposed Sentiance investment, tech-focused investor Asimilar transferred EUR6 million to an escrow account. This was to be returned to Asimilar should the investment not go ahead.
It was agreed that EUR3 million of escrow monies could be advanced to Sentiance through a loan with 3% per annum interest. Asimilar has so far received EUR3 million of escrow monies with the other EUR3 million to be returned in September.
MESH has issued 24 million of its own shares to Asimilar, credited as fully paid and giving Asimilar an approximately 8.9% stake in MESH's enlarged share capital.
MESH presently owns a 17% stake in Sentiance's current share capital and the intellectual property of Billion Dollar Draw. It has engaged and funded Sentiance in developing a consumer-to-brand intelligence and recommendation platform called Aaquita. As at September 30, MESH's audited net asset totalled GBP16.6 million.
By Anna Farley; [email protected]
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