(Alliance News) - YOLO Leisure & Technology PLC on Friday announced a number of major changes stemming from its change in focus, including a change in company name and a new chair.
Shares in YOLO were down 4.2% at 8.96 pence in London in late morning trade.
John Taylor has "provisionally agreed to join the board" as chair, having most recently worked on the reverse takeover between Bidstack Group PLC - formerly the cash shell Kin Group PLC - and software firm Bidstack Ltd. He joins alongside Donald Stewart, who also worked on the deal and will be made non-executive director.
Taylor and Stewart will be each be granted 2.0 million share warrants with a 10p per share exercise price.
YOLO Chief Executive Simon Robinson is expected to step down when Taylor and Stewart join, as will Independent Non-Executive Director Sean Nicolson. However, YOLO's finance director, Sohail Bhatti, will remain with the firm and will be granted 1.0 million warrants with the same 10p exercise price.
As well as the board changes, YOLO is also planning to change its name to Asimilar Group PLC and will hold a general meeting to vote on the new name.
This is intended to reflect YOLO's new focus on "technology opportunities in the fields of big data, machine learning, telematics and the internet of things", a change which was announced October 2.
Taylor commented: "The company has a clean balance sheet and a highly supportive shareholder base. I am confident that working closely with my fellow board members we can capture a small number of high impact investments that over time will be able to create and generate real and tangible value for the company's shareholders. The proposed company name change to Asimilar group reflects an ambitious agenda and at the same time underlines our belief that a successful investment strategy requires challenging the accepted norms and setting ambitious execution targets."
By Anna Farley; annafarley@alliancenews.com
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