RE: Digest news21 Apr 2025 13:23
Minimum underwritten Β£1 million subscription by Campana Investments Limited ("Campana"), a Guernsey based company ultimately controlled by David Rowland.
- Proceeds will be used to underpin strategic re-focus of the Company towards the sports services sector.
- Jonathan Rowland and Richard Morecroft joining the board with immediate effect.
- Subject to:
o the resolutions to be proposed at the Company's forthcoming AGM being passed; an
o agreement being reached with the principal creditors of R8 Capital Investments PLC ("R8") (a company closely associated with both David Rowland and Jonathan Rowland),
the Company will assume circa Β£2.5 million of R8's outstanding debt in exchange for the issue to those creditors of a corresponding number of shares in the Company at a price of 1 pence per share ("Debt for Equity Swap").
- VVV will also be issued with 2,619,782 ordinary shares in R8 as part of the arrangements.
- Proposed change of name to VVV Sports Limited.
Mahesh Pulandaran, Non-Executive Director of the Company comments: It is pleasing to have Jonathan and Richard join the board and the cash injection provided by Campana will underpin the future of the Company that we now expect will move forward with its plans in the sports services sector."