(Alliance News) - YOLO Leisure & Technology PLC said Friday that former Chair Ron Dennis has made a major investment in YOLO investee and UK music entertainment firm Magic Media Works Ltd, taking up a 10% stake.
Following this investment, YOLO will hold an 11% stake in Magic Media, and a pre-IPO loan note of GBP500,000.
Magic Media will use the funds to expand the manufacturing of its ROXi music entertainment system, and increase the size of the TV and digital ad campaigns which will promote the product to potential customers.
"We are delighted that someone of Ron Dennis's standing has chosen to jump in the cockpit and join us all on the journey to cross the line. ROXi continues to attract an impressive array of celebrities and influential investors in pursuit of its vision," said Chief Executive Officer Simon Robinson.
Shares in YOLO Leisure & Technology closed 5.5% higher at 10.02 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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