Additional Placing

20 January 2016

Further to the announcement released earlier today, the Company announces that it has raised a further £34,000 before expenses by means of a placing of 2,266,666 new ordinary shares of 1p each in YOLO at a price of 1.5p per share with Directors of the Company ("Placing Shares"), taking the total fund raise to £600,000. As part of the placing, the Company has also issued 566,666 warrants to Directors to subscribe for new ordinary shares in YOLO at 1.8p per share ("Warrants"), on the basis of one warrant for every four Placing Shares acquired.  

The Directors' participation in the placing and resultant interests are as follows:

Director Acquired Resultant beneficial interest
  Placing Shares Warrants Ordinary shares % of enlarged share capital Warrants
Simon Robinson   1,600,000 400,000 7,260,432 4.06 4,861,538
Sohail Bhatti   666,666 166,666 666,666 0.37 2,166,666

The Directors' participation in the placing is considered to be a related party transaction under the AIM Rules for Companies. In the absence of any independent directors, Cairn Financial Advisers LLP, the Company's nominated adviser, considers that the terms of the placing are fair and reasonable insofar as the Company's shareholders are concerned.

Application has been made for the Placing Shares to be admitted to trading on AIM. Admission is expected to occur on or around 22 January 2016. The new ordinary shares will rank pari passu with the existing ordinary shares.

Following the Admission of all the placing shares from both placings announced today, the total issued share capital of the Company will be 178,922,758 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.

 

For further information please contact:

YOLO Leisure and Technology plc  
Simon Lee Robinson simon.robinson@yoloplc.com
   
Cairn Financial Advisers LLP  
Sandy Jamieson / Emma Earl Tel: +44 20 7148 7900
   
Peterhouse Corporate Finance Limited
Sole broker
 
Duncan Vasey / Lucy Williams Tel: + 44 20 7469 0930
   

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

 

<< Back to press releases