7 Nov 2016 10:54
YOLO Leisure and Technology plc
("YOLO" or the "Company")
Additional Placing
Further to the announcement released earlier today, the Company announces that it has raised a further £40,000 by means of a placing of 4 million new ordinary shares of 1p each in YOLO at a price of 1.0p per share with Simon Robinson, Chief Executive Officer of the Company ("Additional Placing Shares"). As part of the placing, the Company has also issued 800,000 warrants to Mr Robinson to subscribe for new ordinary shares in YOLO at 1.3p per share ("Warrants"), on the basis of one warrant for every five Additional Placing Shares acquired.
In addition, a further 9,000,000 warrants at 1.3p have been awarded to Simon Robinson and can be exercised up to October 2019 from the date of this transaction ("Director Warrants").
Mr Robinson's participation in the Placing and resultant interests are as follows:
Director | Acquired | Resultant beneficial interest | |||
| Additional Placing Shares | Warrants | Ordinary shares | % of enlarged share capital | Warrants |
Simon Robinson
| 4,000,000 | 9,800,000 | 11,260,432 | 2.55 | 14,661,538 |
Mr Robinson's participation in the Placing and the issue to him of the Director Warrants are considered to be related party transactions under the AIM Rules for Companies. Sohail Bhatti, Finance Director, having consulted with the Company's Nominated Adviser, considers that the terms of participation of Mr Robinson in the Placing and the Director Warrants are fair and reasonable in so far as the Company's shareholders are concerned.
Application has been made for the Additional Placing Shares to be admitted to trading on AIM. Admission is expected to occur on or around 8 November 2016. The Additional Placing Shares will rank pari passu with the existing ordinary shares.
Following the Admission of all the Placing Shares from both placings announced today and the Adviser Shares, the total issued share capital of the Company will be 441,322,758 ordinary shares, each with voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
--ENDS-
For further information please contact:
YOLO Leisure and Technology plc |
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Simon Lee Robinson | Simon.robinson@yoloplc.com |
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Cairn Financial Advisers LLP |
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Sandy Jamieson, Emma Earl | Tel: +44 20 7213 0893 |
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Peterhouse Corporate Finance Limited (Sole broker) Eran Zucker / Lucy Williams |
Tel: + 44 20 7213 0930 |
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Walbrook PR Ltd | Tel: +44 20 7933 8787 or yolo@walbrookpr.com |
Paul McManus | Mob: +44 7980 541 893 |
Sam Allen | Mob: +44 7884 664 686 |