Unaudited Interim Results for the period ended 31 March 2017

27 June 2017

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Introduction and Key highlights

The Board is pleased to report that the Company's unaudited results for the six month period ending 31 March 2017. The key highlights during the period were:

  • On 5 November 2016 the Company completed its investment in Magic Media Works limited ("Magic ") by investing £1.4m through convertible loan notes in Magic ("Loan Notes").
  • On 7 November the Company placed 254,000,000 shares at 1.0p each raising total gross funds of £2,540,000.  A further 8,400,000 fee shares were also issued at a price of 1.0p.
  • On 28 February 2017 TVPlayer Limited ("TVPlayer") completed an investment round led by A&E Networks LLC ("A&E"). As part of this investment round, Yolo invested £85,424 to maintain its holding of 4.57%.

Post period end

  • An independent valuation of YOLO's investment portfolio dated 26 June 2017 supports the Board's estimate that the Company's current Net Asset Value per share equates to at least 1.5p. This is 186% above the midmarket closing price on 26 June 2017.
  • On 2 of June 2017 the Company announced the conversion of its Loan Notes of £1.415m in Magic Media Works Ltd to 2,673,661 ordinary shares taking a 41.43% holding in Magic.
  • Magic completed a pre-IPO funding round through the issue of £1.2m new Convertible Loan Notes.
  • Yolo has subscribed for £500,000 of the New Loan Notes.
  • Magic has appointed FinnCap Limited as Corporate Finance Advisor to advise on its corporate finance strategy.
  • Simplestream Limited completes a profitable financial year to 31 May 2017 and is forecast to achieve £5m revenues for year ending 31 May 2018.

 

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 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

 

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