YOLO Leisure & Technology PLC Issue of Equity and Investment (0452P)
February 05 2019 - 2:00AM
UK Regulatory
TIDMYOLO
RNS Number : 0452P
YOLO Leisure & Technology PLC
05 February 2019
YOLO Leisure and Technology plc
("YOLO" or the "Company")
GBP300,000 new equity placing
Investment in Fast to Fibre
YOLO has, through its broker Peterhouse Capital Limited,
successfully raised GBP300,000 (before expenses) via a placing
("Placing") of 8,000,000 new ordinary shares of 0.01p each with new
and existing investors at an issue price of 3.75p per share
("Placing Shares"), a premium of approximately 11% to yesterday's
mid-market closing share price. Under the Placing, each Placee will
also receive one warrant for every four Placing Shares subscribed
for as part of the Placing, exercisable at 5.0p per share
("Warrants") at any time for a period of three years from the date
of Admission of the Placing Shares.
In addition, the Company will invest GBP100,000 in Sparkledun
Limited ("Sparkledun") in equity to acquire 3.41% of its issued
share capital. Sparkledun through its trading subsidiary, Fast to
Fibre Limited ("Fast to Fibre"), has rights to exploit and has
further developed a technology solution utilising a unique patented
process for the extraction of the inner core of telecoms and power
cables, allowing the insertion of fibre optic without the need for
excavation or other disruptive techniques.
The Fast to Fibre commercial proposition is to reduce the cost
of fibre optic deployment particularly in difficult to access areas
such as urban and city centres, thereby increasing the pace of
adoption in line with government targets around the world to
provide ultra-fast internet access.
Fast to Fibre has successfully completed several trials in a
variety of different geographical locations and complex situations
and is now progressing a number of major commercial
opportunities.
Simon Robinson, CEO of YOLO said: "YOLO has been tracking the
Fast to Fibre progress for the last six months and believes that
the management are well positioned to harness its unique and
patented technological capabilities. The Fast to Fibre solution
provides benefits to both consumers who have growing demand for
faster internet speeds and Governments and Telco's around the world
looking to fulfil this demand cost effectively and
innovatively."
Details of the Placing
Application will be made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM. It is expected
that admission of the Placing Shares will become effective on or
around 22 February 2019.
The Placing Shares will rank pari passu with the existing
ordinary shares in YOLO in all respects. Following the admission of
the Placing Shares, the total issued share capital of the Company
will be 52,132,276 ordinary shares, each with voting rights. The
above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company, under the Disclosure and Transparency Rules.
The Directors could not take part in the Placing as YOLO is
preparing to release its final results for the year ended 30
September 2018 shortly.
The participation by Chris Akers, a 10% shareholder in the
Company, in the Placing is considered to be a related party
transaction ("Transaction") pursuant to Rule 13 of the AIM Rules
for Companies. The Directors consider, having consulted with the
Company's nominated adviser Cairn Financial Advisers LLP, that the
terms of the Transaction are fair and reasonable insofar as its
shareholders are concerned.
The announcement contains information which, prior to its
disclosure, was inside information for the purposes of the Market
Abuse Regulation.
Enquiries
YOLO Leisure and Technology plc www.yoloplc.com
Simon Robinson simon.robinson@yoloplc.com
Cairn Financial Advisers LLP
Sandy Jamieson, Liam Murray +44 20 7213 0880
Peterhouse Capital Limited
Eran Zucker / Lucy Williams + 44 20 7469 0930
Walbrook PR Ltd +44 20 7933 8787 or yolo@walbroookpr.com
Paul McManus/Sam Allen +44 7980 541 893/+44 7884 664 686
Notes to editors
YOLO Leisure and Technology plc
YOLO Leisure and Technology plc aims to focus on opportunities
in the technology, leisure and media sectors. The Company's
investing policy is that the Company will invest in businesses
which have some or all of the following characteristics:
-- strong management with a proven track record;
-- ready for investment without the need for material re-structuring by the Company;
-- generating positive cash flows or imminently likely to do so;
-- via an injection of new finances or specialist management,
the Company can enhance the prospects and therefore the future
value of the investment;
-- able to benefit from the directors' existing network of contacts; and
-- the potential to deliver significant returns for the Company.
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
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