(Alliance News) - Yolo Leisure & Technology PLC on Thursday said TVPlayer Ltd has been placed into administration.
Yolo wrote its TVPlayer investment, which consists of 3.3% of TVPlayer's share capital and GBP50,000 of convertible loan notes, down to nil in August.
As at March 31, the book value of TVPlayer in Yolo's March 31 balance sheet was GBP446,937 and it represented 6.81 pence per share.
Yolo said it was "unclear" what return might be generated for TVPlayer shareholders at this point and vowed to make another announcement when "the likely outcome of the administration process and the return for Yolo becomes clearer".
As TVPlayer was a spin out from other Yolo investee Simplestream Ltd, Yolo's holding in TVPlayer was not bought "for an additional cash subscription" and Yolo's investment was limited only to the subscription for GBP50,000 of notes.
According to Yolo, Simplestream has not been hurt by the administration and is still developing technology and "pursuing a number of commercial opportunities".
Shares in media, technology, and wellbeing industry investor Yolo were up 1.5% at 3.30p in London on Thursday afternoon.
By Anna Farley; annafarley@alliancenews.com
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