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YOLO Yolo Leisure And Technology Plc

18.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Yolo Leisure And Technology Plc LSE:YOLO London Ordinary Share GB00BFX2VL54 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 18.75 18.50 19.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

YOLO Leisure & Technology PLC Update re Investment (6323Y)

07/12/2017 7:00am

UK Regulatory


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TIDMYOLO

RNS Number : 6323Y

YOLO Leisure & Technology PLC

07 December 2017

YOLO Leisure and Technology plc

("YOLO" or the "Company")

Update re Magic Media Works

YOLO is pleased to announce that its investee company, Magic Media Works Ltd ('Magic'), has received commitments of GBP1.46 million from existing and new investors towards an intended GBP2 million new round of financing.

In addition, Henrik Holmark, previously the CFO of Pandora Jewellery, has invested GBP650,000 in this fund raise and will join the Magic board as a non-executive director.

The fund raise follows the launch of ROXI, the new 5-in-1 music entertainment device, which brings Unlimited Music, Karaoke, Music Games and other family friendly features to consumers in the UK and USA. Funds will be used to continue the development and rollout of ROXI and related products and services in 2018.

YOLO has taken the strategic decision not to invest additional capital into Magic at this time. Further, as the largest shareholder in Magic, YOLO has agreed to release some of its shares in Magic and its anti-dilution rights to acquire additional shares in Magic to new investors for nominal consideration in order to assist Magic in completing the fund raise and so help it to achieve its goals and potential. The board of Magic has confirmed to YOLO that the provision of this support by the Company has been instrumental in allowing Magic to move forward to the successful completion of this funding round.

The GBP2 million fund raise (assuming subscription in full) will comprise the issue of up to 2,822,646 new ordinary shares in Magic and the transfer of 1,026,979 ordinary shares in Magic currently held by YOLO to the company and investors. The Magic ordinary shares are being acquired by the investors at a price of 50.8p per ordinary share. On completion of the GBP2 million fund raise, there will be up to 8,831,975 Magic ordinary shares in issue.

Following completion of this round of funding YOLO will remain a significant shareholder in Magic with a shareholding equal to 1,646,682 ordinary shares in Magic (representing 18.6 percent of the issued share capital of Magic, subject to the GBP2.0 million fundraise completing) and options over a further 95,000 ordinary shares.

YOLO will retain representation on the Magic board. Henrik Holmark will own 13.4% and Rob Lewis, the company founder, will own 26.8%. The terms of YOLO's outstanding convertible loan note of GBP500,000 as announced on 5 June 2017 remain unchanged.

Completion of the fund raise will enable Magic to start the New Year with a strengthened Board, new product initiatives to roll out in both the US and UK territories and, crucially, new funding to help it to execute its development plans.

Magic has recently launched its new ROXI home entertainment system and invested into a new marketing campaign in the UK and USA. The original product has been significantly upgraded, with initial sales in the US and UK generating positive feedback from retailers. A pipeline of new product additions is also in place.

YOLO now plans to further build out its strategy as an investment business, and continue to seek new investments in accordance with its investing policy and explore possible reverse takeover opportunities if certain criteria are met.

Simon Robinson, Chief Executive Officer of Yolo, said:

"YOLO is delighted that Magic Media Works has secured new funding and that Henrik Holmark, previously CFO of Pandora, one of the world's best known global jewellery brands, has joined the board and taken a material shareholding. Magic is now well positioned to execute its plans and new product initiatives in 2018.

"We will now focus on further growth opportunities for YOLO as an investment company, with both the existing portfolio and also continue to consider new investments, including those that may constitute reverse takeovers under the AIM Rules."

 
 
   YOLO Leisure and Technology plc 
 Simon Robinson                         simon.robinson@yoloplc.com 
 
 Cairn Financial Advisers LLP 
 Sandy Jamieson, Emma Earl                   Tel: +44 20 7213 0880 
 
 Peterhouse Corporate Finance Limited 
  (Sole broker) 
 Duncan Vasey / Lucy Williams               Tel: + 44 20 7220 9797 
 
 Walbrook PR Ltd                          Tel: +44 20 7933 8787 or 
                                               yolo@walbrookpr.com 
 Paul McManus                                Mob: +44 7980 541 893 
 Sam Allen                                   Mob: +44 7884 664 686 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEADAKESKXFAF

(END) Dow Jones Newswires

December 07, 2017 02:00 ET (07:00 GMT)

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