30% taken in sports data25 Feb 2015 10:14
rto target imho
Guscio PLC Investment in Sportsdata Limited
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TIDMGUSC
25 February 2015
Guscio PLC
("Guscio" or the "Company" or the "Group")
Investment in Sportsdata Limited
The Company is pleased to announce that, in line with its investing policy that
was approved by shareholders on 8 September 2014, it has entered into an
agreement to acquire a 30 per cent. interest in the issued share capital of
Sportsdata Limited ("Sportsdata") (the "Investment").
Background to the Investment
Sportsdata, a recently incorporated private technology company, has developed
and implemented a website application for the purposes of monitoring and
improving physical literacy, the participation of children in sports and active
pursuits at school. The website has been developed with Youth Sports Trust
("YST"), a leading charity for sports-driven and educational programmes.
Sportsdata has entered into a collaboration agreement with YST to utilise the
website via a recently launched Skills2Achieve programme. The Skills2Achieve
programme aims to sell licenses to operate the website to primary schools
throughout the United Kingdom.
On 23 December 2014, the Guscio announced that it had entered into an agreement
to provide Sportsdata with a GBP125,000 nominal unsecured convertible loan note
with a right to increase the facility at a later date by up to GBP75,000 (the
"Loan").
Since the announcement of the Loan, YST have now successfully made the
following sales: (i) 40 schools that have signed a license agreement and have
paid in full; and, (ii) 160 schools that have confirmed their commitment to
sign a license agreement and are in the process of making the appropriate
payments. The Board of Guscio believe that Sportsdata's indicated target
figures for the Skills2Achieve collaboration may be achieved prior to the start
of the school summer term.
In the period from 1 September 2014 to 31 January 2015, Sportsdata produced a
loss for the period of GBP114,740 and recorded no revenue. Total assets less
current liabilities were (GBP98,056), including cash of GBP17,186.
Details of the Investment
As part of the Investment, the Company has exercised its right to increase the
Loan facility by GBP75,000 and subsequently convert the aggregate GBP200,000 total
value of the Loan into 2,293 ordinary shares in Sportsdata at a price of GBP87.22
per ordinary share (the "Loan Conversion") in accordance with the terms of the
Loan agreement.
In addition, the Company has further subscribed for 1,686 ordinary shares at a
price of GBP118.62 each in Sportsdata for a total consideration of GBP200,000.
Furthermore, an additional agreement has been reached to acquire 1,080 ordinary
shares in Sportsdata
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