All Active Asset Capital Limited Change in Asimilar Options Consideration (5243V)

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RNS Number : 5243V

All Active Asset Capital Limited

07 August 2020

7 August 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR").

All Active Asset Capital Limited

('AAAC' or 'the Company')

Amendment to consideration terms for options over warrants in Asimilar

Following the announcement, on 14 May 2020, of the granting of options to AAAC ('the Options') over certain warrants in Asimilar Group plc ('Asimilar'), the Company is pleased to announce that it has today entered into an agreement in connection with revised and improved consideration terms for certain of these Options.

The Company was granted the Options on 14 May 2020, exercisable at the sole discretion of AAAC, to acquire a total of 20,500,000 warrants ('the Warrants') in Asimilar from a range of investors. Of the 20,500,000 Warrants, 15,500,000 Warrants are exercisable at 6p per Asimilar share and 5,000,000 Warrants are exercisable at 18p per Asimilar share. These Warrants expire on 31 October 2020 and 30 September 2020 respectively. The Options expire on the dates on which the Warrants expire.

The Options were granted to AAAC by certain clients of Optiva Securities Limited, Peregrine & Black Investment Management Limited, Intrinsic Capital LLP and by Ramco Consultants Limited ('the Warrant Holders').

It was previously announced that the consideration payable upon exercise of the Options in full would be satisfied by the issue to the Warrant holders of 231,000,000 new AAAC ordinary shares at a price of 1.5 pence per share. However, given the material appreciation in the market price of AAAC's shares since the grant of the Options, the Company has amended its agreement with the Warrant Holders for 20,000,000 of the 20,500,000 Warrants, so that upon exercise of these 20,000,000 Options in full, a reduced total of 48,000,000 AAAC ordinary shares would be issued to these Warrant Holders.

Rodger Sargent, Executive Director of AAAC, commented, "Should the Company exercise these 20,000,000 Options over Warrants in Asimilar, the significantly lower amount of AAAC equity to be issued would mean materially less dilution for the Company's shareholders, despite still benefiting from Warrants that are significantly 'in the money' compared to the suspension price of Asimilar's shares."

For further information:

All Active Asset Capital Limited

James Normand, Non-Executive Chairman

Rodger Sargent, Executive Director

T: [phone]

www.aaacap.com

Allenby Capital Limited (Nominated Adviser and Broker)

Alex Brearley / Nick Athanas

T: [phone]

www.allenbycapital.com

Buchanan (Financial PR)

Richard Oldworth / Chris Lane / Toto Berger

T: [phone]

E: [e-mail]

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August 07, 2020 06:43 ET (10:43 GMT)