YOLO Leisure & Technology PLC Placing and Investment Strategy (4230O)
October 02 2019 - 2:00AM
UK Regulatory
TIDMYOLO
RNS Number : 4230O
YOLO Leisure & Technology PLC
02 October 2019
YOLO Leisure and Technology plc
("YOLO" or the "Company")
Placing and Investment Strategy
YOLO is pleased to announce the placing of 30,000,000 new
ordinary shares of 0.01p each ("Placing") to raise GBP750,000
(before expenses) at an issue price of 2.5p per share ("Placing
Shares"). Under the Placing, each placee will also receive one
warrant for every two Placing Shares subscribed for as part of the
Placing, exercisable at 6.0p per share ("Warrants") at any time
from the date of issue up to 31 October 2020.
Details of the Placing
The Placing is to take place in two tranches, one of which will
be completed on 11 October 2019 and the second on a deferred basis
to be completed on or before 31 December 2019.
Tranche 1
The GBP500,000 subscription monies payable for 20,000,000 of the
Placing Shares ("Tranche 1 Placing Shares") are payable on 11
October 2019. The Tranche 1 Placing Shares will be issued to
investors introduced to the Company by Chris Akers. Application
will be made to the London Stock Exchange for the Tranche 1 Placing
Shares to be admitted to trading on AIM and it is expected that
admission of those Placing Shares will become effective on or
around 11 October 2019.
Tranche 2
A binding subscription commitment has been made by Chris Akers
for the balance of 10,000,000 Placing Shares ("Tranche 2 Placing
Shares"). The settlement date for the deferred subscription is 31
December 2019. The Tranche 2 Placing Shares and the associated
Warrants will only be issued upon settlement of the GBP250,000
placing monies payable for such shares. A further announcement will
be made to confirm completion of the Tranche 2 Placing and the
dates of settlement and allotment of such Placing Shares.
Introducer Warrants
In addition to the Warrants to be issued to placees, the Company
has agreed to issue 2,500,000 warrants (on the same terms as the
Warrants issued to placees) to Chris Akers in lieu of a cash fee
relating to the Placing.
Total Voting Rights
The Tranche 1 Placing Shares will rank pari passu with the
existing ordinary shares in YOLO in all respects. Following the
admission of the 20,000,000 Tranche 1 Placing Shares on 11 October
2019, the total issued share capital of the Company will be
72,132,276 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.
Investment Strategy
The board of directors has conducted a review of the Company's
investment strategy. One outcome of that review is that the board
has decided that, in the light of the current market conditions and
pipeline opportunities, within the scope of its current investment
strategy it should give particular focus to technology
opportunities in the fields of big data, machine learning,
telematics and the internet of things (IoT).
The Company's directors recognise that in order to successfully
implement this investment strategy the board structure needs to be
strengthened. Consequently, a process to identify new directors
with more specialist sector experience has commenced and the
directors are confident that in the near term new appointments will
be finalised.
Simon Robinson said "The YOLO board has been evaluating various
strategic options to optimise value creation in the best interests
of all shareholders. We believe that now is the right time to
undertake a strategic review to ensure that YOLO is best placed to
capitalise on exciting future opportunities. We look forward to
updating shareholders to that effect in the near future."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
--ENDS--
Enquiries
YOLO Leisure and Technology plc
Simon Robinson simon.robinson@yoloplc.com
Cairn Financial Advisers LLP
Sandy Jamieson, Liam Murray Tel: +44 20 7213 0880
Peterhouse Capital Limited
Duncan Vasey, Lucy Williams Tel: + 44 20 7220 9797
Walbrook PR Ltd Tel: +44 20 7933 8787
yolo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Sam Allen Mob: +44 7884 664 686
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END
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