All Active Asset Cap (AAA) announced that it has raised £150 million in total proceeds through placings and has agreed to acquire a controlling interest in Sentiance N.V. 

The London-based firm said it has raised £15 million through a firm placing of 18.75 million new ordinary shares at 80p per share and £135 million through a placing of 168.75 million new ordinary shares also at the same price of 80p, a 49.5% premium to the mid-market price of 53.5p on 29 April 2021 when its shares were suspended from trading on the AIM market.

The Company outlined to investors that the conditional placing is conditional upon various matters; this includes, amongst other things, the purchase of not less than 75% of the entire issued share capital of Sentiance N.V. ('Sentiance'), the cancellation of AA's shares to trading on AIM as well as the exercise by AAA of the remaining €119 million of its AAQUA Option.

AAA said the net proceeds from the issue of the placing shares would be used to pay the subscription money due following the exercise of the remaining balance of €119 million of the AAQUA Option and to provide growth and working capital for the enlarged group in the future.

Shares in All Active Asset Cap have seen an over three-fold increase in value since the beginning of 2021. The stock was trading flat at 53p during late morning trading.

AAA said the acquisition and the exercise of the option will be ‘transformational’, while the proposed cancellation and listing on an alternative exchange will increase opportunities. Upon completion of the Acquisition, AAA will own at least 75% of the equity of Sentiance.

AAA has also lodged a bond of €5 million in favour of Sentiance with its legal counsel and should the Acquisition not complete, the Bond will automatically convert into Sentiance equity. 

Rodger Sargent, Executive Director of AAA, said, "The majority acquisition of Sentiance and exercise of the AAQUA option will be completely transformational for AAA.  Given this, we feel that the proposed cancellation and our plan of listing on an alternative international exchange would further accelerate opportunities for AAA and our existing and future stakeholders."

AAA said it will send a circular to shareholders today convening the EGM and setting out the reasons why it is proposing to cancel the admission of its shares to trading on AIM.

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