Confirmation of Appointment of new Directors

03 December 2019

Following the Company's announcement on 1 November 2019, YOLO Leisure and Technology plc (AIM:YOLO) is pleased to announce that, after publication of the Company's audited accounts for the year to 30 September 2019 (the "2019 Accounts") this morning, both John Taylor and Donald Stewart have been appointed to the Board of the Company ("Board") with immediate effect. John has joined the Company as Non-Executive Chairman and Donald has joined the Board as a Non-Executive Director and Company Secretary.

Also as previously announced, both Simon Robinson and Sean Nicolson have stepped down as directors with immediate effect. Sohail Bhatti remains as Finance Director.

John and Donald worked together successfully on the reverse takeover transaction between Bidstack Group Plc (formerly known as KIN Group Plc) and Bidstack Limited, which completed on 19 September 2018. Bidstack Group plc won the "Best Performing Share Award for 2019" at the recent Aim Awards. The Board believes their collective and relevant experience will assist the Company in the delivery of its value creation plan.

John's most recent focus has been on assisting small cap listed companies with their development. Prior to this, he spent 18 months working in private equity backed portfolio companies, driving operational turnaround initiatives and implementing costing systems. He spent over 20 years in the Army Air Corps, leaving in 2015 with the rank of Lieutenant Colonel. Between 2013 and 2015 he was senior strategic communications officer for the Ministry of Defence. John is a non-executive director of Two Shields Investments Plc, an AIM quoted technology investment company, and was until recently a non-executive director of Sabien Technology Group plc, an AIM-quoted provider of energy reduction technologies.

Donald is a solicitor and has practised corporate law, particularly focused on smaller quoted companies, for almost 30 years. Between April 2013 and July 2015 he was on the board of AIM quoted Progility Plc and, before that, had been a corporate partner in the London office of a global law firm. He is a former director (and past chairman) of the Quoted Companies Alliance, the UK not-for-profit organisation dedicated to promoting the cause of smaller quoted companies. He is currently Chairman of Bidstack Group Plc

John Edward Taylor (age 47), has held the following directorships and/or partnerships in the past five years:

Current:

Past:

Pathfinder Minerals Plc

IM Minerals Limited

AS Group Ventures Inc

Two Shields Investments Plc

Blenheim Natural Resources Limited

Ugly Panda LLP

Low 6 Security Trustee Limited

Ignis Capital PLC

 

Bidstack Group Plc

Sabien Technology Group Plc

 

Donald John Stewart (age 56), has held the following directorships and/or partnerships in the past five years:

Current:

Past:

Logos Capital Plc

York Distillery Limited

Jorvik Distillery Limited

Polestar Spirits Limited

Polaris Spirits Limited

Ruscombe Realisations Limited

The Masham Distillery Company Limited

Bidstack Group Plc

Ruscombe Management Services Limited

Kepstorn Solicitors - Consultant

Feis London

 

Fitbug Limited

Fitbug Trading Limited

Innovative Alliance Group

Bagir Group Limited

The Quoted Companies Alliance

Engines of Growth Limited

Progility Plc

Starkstrom Limited

Starkstrom Group Limited

TFPL Limited

Woodspeen Training Limited

Corporate Training Solutions Limited

CTG Exam Training Limited

The Corporate Training Solutions Limited

Progility Consulting Limited

Sue Hill Recruitment & Services Limited

Progility Training Limited

ILX Group Plc

Progility Health Limited

Progility Finco Limited

Progility Overseas Limited

Progility (Mauritius) Limited

Progility DMCC

 

Donald Stewart was a director of Kin Group Plc (now Bidstack Group Plc) when it made a proposal for a company voluntary arrangement under Part I of the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016 on 5 October 2017 (the ''CVA''). Under the CVA it was proposed that amounts due to unsecured creditors be capitalised by way of the Company issuing one new ordinary share, credited as fully paid and ranking pari passu in all respects with the existing ordinary shares of the Company, for every £0.0001 (0.01 pence) of unsecured creditors' outstanding debt. The CVA lasted until the new ordinary shares issued pursuant to the proposal were admitted to trading on AIM. The CVA was approved by unsecured creditors on 23 October 2017 and by shareholders on 24 October 2017. The new ordinary shares issued pursuant to the CVA were admitted to trading on AIM on 15 November 2017.

There is no further information to be disclosed in relation to either Mr Taylor's or Mr Stewart's appointments pursuant to AIM Rule 17 or Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

In addition, the Company has today issued warrants to subscribe for 5,000,000 Ordinary Shares ("Warrants") to John Taylor, Donald Stewart and Sohail Bhatti, representing 6.93% of the current issued share capital of the Company.  The Warrants are exercisable at a price of 10 pence per share, and may be exercised, subject to the provisions of the Company's share dealing code, at any time within three years from issue.

John Taylor and Donald Stewart have each been issued with Warrants over 2,000,000 Ordinary Shares, representing in aggregate 5.54% of the current issued share capital of the Company.  Sohail Bhatti has been issued with Warrants over 1,000,000 Ordinary Shares, representing 1.39% of the current issued share capital of the Company.

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name John Taylor
2 Reason for the notification
a) Position/status Non-executive Chairman
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name YOLO Leisure and Technology Plc
b) LEI 213800AYJZ2B8QNY7H15
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument   Identification code Warrants to subscribe for Ordinary shares of 0.01 pence per share par value   GB00BFX2VL54
b) Nature of the transaction Issue of Warrants
c) Price(s) and volume(s)
Price(s) Volume(s)
10.0p 2,000,000
d) Aggregated information
Aggregated volume
Price
  2,000,000 Warrants to subscribe for Ordinary shares of 0.01 pence per share par value 10.0 pence per Ordinary share
e) Date of the transaction 3 December 2019
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Donald Stewart
2 Reason for the notification
a) Position/status Non-executive Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name YOLO Leisure and Technology Plc
b) LEI 213800AYJZ2B8QNY7H15
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument   Identification code Warrants to subscribe for Ordinary shares of 0.01 pence per share par value   GB00BFX2VL54
b) Nature of the transaction Issue of Warrants
c) Price(s) and volume(s)
Price(s) Volume(s)
10.0p 2,000,000
d) Aggregated information
Aggregated volume
Price
  2,000,000Warrants to subscribe for Ordinary shares of 0.01 pence per share par value 10.0 pence per Ordinary share
e) Date of the transaction 3 December 2019
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Sohail Bhatti
2 Reason for the notification
a) Position/status Finance Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name YOLO Leisure and Technology Plc
b) LEI 213800AYJZ2B8QNY7H15
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument   Identification code Warrants to subscribe for Ordinary shares of 0.01 pence per share par value   GB00BFX2VL54
b) Nature of the transaction Issue of Warrants
c) Price(s) and volume(s)
Price(s) Volume(s)
10.0p 1,000,000
d) Aggregated information
Aggregated volume
Price
  1,000,000 Warrants to subscribe for Ordinary shares of 0.01 pence per share par value 10.0 pence per Ordinary share
e) Date of the transaction 3 December 2019
f) Place of the transaction Outside a trading venue

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Enquiries

YOLO Leisure and Technology plc
John Taylor, Non-Executive Chairman via Wallbrook


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 or yolo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Nick Rome Mob: +44 7748 325 236

 

<< Back to press releases