Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Veltyco Group Plc LSE:VLTY London Ordinary Share IM00BYT32K14 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 8.40 8.00 8.80 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 10.5 -15.5 -18.2 - 8

B90 Holdings PLC Financial position and suspension of trading

17/03/2020 3:00pm

UK Regulatory (RNS & others)


Veltyco (LSE:VLTY)
Historical Stock Chart


From Feb 2020 to Feb 2021

Click Here for more Veltyco Charts.

TIDMB90

RNS Number : 4951G

B90 Holdings PLC

17 March 2020

17 March 2020

B90 Holdings plc

(the "Company" or "Group")

Update on trading, financial situation and suspension of trading

The Board of the Company (the "Board" or "Directors") announces that, as a result of the cancellation of the vast majority of sporting events in its target markets due to the global Covid-19 crisis, the Company's revenues for the upcoming weeks will be significantly lower than the Board's expectations, which has a direct impact on the Company's financial position.

As per our previous announcements, including the announcement made on 19 December 2019, the Directors are managing cash resources carefully and remain reliant on management of the Group's creditors. Also, as previously announced, if trading, inter alia, was not be in line with the Board's expectations, the Group's ability to continue as a going concern and to meet its liabilities would be materially impacted. The Directors have therefore continued to explore further sources of capital.

Whereas the Directors are hopeful that the ban on sporting events globally will be lifted during April 2020, there is a significant uncertainty about the actual timing that this will happen as we also note that some major sporting events scheduled for later in the year have already been postponed. The main events on which the Group's customers are focused are currently not expected to restart before 7 April 2020, meaning a period of at least three weeks in which the Group's revenues will be significantly impacted. Any further delay in the restart of sporting events will further impact the Group's revenues.

The Company has also not made the first monthly installment of EUR30,000 pursuant to the recent acquisition of the remaining 49% interest in Bet90 Sports Limited.

The Company, until very recently, had been in advanced discussions with regards to raising additional funds from new and existing investors, though now, as result of Covid-19 and the resulting impact on the Group's business and financial markets, is facing difficulties in being able to conclude such discussions. The Directors are continuing to work with new and existing investors to raise additional working capital to enable the Company to operate the business going forward, although their ability to conclude such a process is uncertain.

Whilst the position is constantly changing, the Directors anticipate, after taking account of customer balances, that the Group currently only has sufficient cash resources available to it to operate the business for the next 3 to 4 weeks, assuming the continued support of its creditors, and if the Group's revenue streams do not recover and/or the Company is not able to raise additional capital, there can be no certainty that the Group will be able to continue as a going concern.

As a result of the uncertainty of the Group's financial position, the Directors have requested an immediate suspension of trading in the Company's shares on the London Stock Exchange.

Further announcements will be made as appropriate.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please contact:

B90 Holdings Plc +44 (0)1624 605 764

Paul Duffen, Executive Chairman

Marcel Noordeloos, Chief Financial Officer

   Strand Hanson Limited (Nominated Adviser)                         +44 (0)20 7409 3494 

James Harris / Richard Tulloch / James Dance

   Whitman Howard Ltd (Broker)                                                    +44 (0)20 7659 1234 

Nick Lovering / Christopher Furness

IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630

Graham Herring / Tim Metcalfe / Zach Cohen

About B90 Holdings plc

B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.

Website: www.B90holdings.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCJRMITMTABBIM

(END) Dow Jones Newswires

March 17, 2020 11:00 ET (15:00 GMT)

1 Year Veltyco Chart

1 Year Veltyco Chart

1 Month Veltyco Chart

1 Month Veltyco Chart
ADVFN Advertorial
Your Recent History
LSE
VLTY
Veltyco
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210228 22:48:30