(Sharecast News) - YOLO Leisure and Technology on Thursday confirmed that its investee company, TVPlayer, had been placed into administration.
YOLO had written down the value of its investments in TVPlayer, which amounted to a 3.28% stake, to nil back in August, after learning that the firm had not received any offers of funding that would enable it to continue its development.
The AIM traded company said it remained unclear what return may be generated for shareholders in TVPlayer following the filing for administration, though it said it would make a further announcement once the likely outcome of the process and the return for YOLO became clearer.
The company's only cash investment in TVPlayer was a subscription for £50,000 of convertible loan notes as the business was spun off to one of its other investee companies, Simplestream Limited.
Simplestream will not be affected by the administration process and will continue to develop its technology and pursue commercial opportunities, according to YOLO.
YOLO Leisure and Technology shares were up 1.54% at 3.30p at 1537 BST.
8 Sep 2015 11:34