5 Dec 2018 07:00
YOLO Leisure and Technology plc
("YOLO" or the "Company")
Significant investment into investee company, Magic Media Works Ltd
YOLO Leisure and Technology plc, the AIM-quoted company focusing on opportunities in the technology, media and leisure sectors, is pleased to announce that its investee company, Magic Media Works Ltd ("Magic Media"), has completed a funding round to raise an additional £900,000 of equity to enable it to launch its TV campaign for the ROXI home music entertainment product.
Post this investment round, YOLO will hold 15.8% of Magic Media's issued share capital.
The largest investor in the round was private investor and Saracens Rugby Club owner Nigel Wray, who is also the largest investor in YOLO. Magic Media's founder CEO Rob Lewis, the previous CFO of Pandora Jewellery (CPH: PNDORA) Henrik Holmark and Endeavour Ventures also participated in the round.
Following the closure of this investment, Magic Media's forthcoming TV campaign will be running on more than 40 UK TV channels in December 2018, including ITV2, ITV3, ITVBe, Film4, SyFy, GOLD, National Geographic, 5Select, 5USA, Fox and Talking Pictures.
As part of this round all of Magic Media's Pre-IPO loan note holders and the majority of other loan note holders have agreed to extend the longstop date for repayment to 19 November 2023, and to waive their rights to the historic and future interest payments due on the loan notes. In addition to its equity stake, YOLO holds £500,000 of the Magic Media Pre-IPO loan notes.
Rob Lewis, CEO of Magic, said "We are seeing strong demand for the ROXI home entertainment product, particularly from consumers in the older and family demographic, and sales have been ahead of budget in the TV campaigns".
Simon Robinson, CEO of YOLO, said "This significant investment by Nigel Wray, existing and new investors demonstrates strong belief in the ROXI entertainment product, its marketing strategy and potential. Following equally positive recent announcements by two of our other portfolio companies, TVPlayer and Simplestream, the Board believes that YOLO is well positioned for future growth".
About Yolo:
Yolo is an AIM quoted investing company that currently holds five investments in the media and technology sector.
For further information, please contact:
YOLO Leisure and Technology plc | www.yoloplc.com |
Simon Robinson | simon.robinson@yoloplc.com |
Cairn Financial Advisers LLP | |
Sandy Jamieson, Liam Murray | +44 20 7213 0880 |
Peterhouse Capital Limited Sole broker | |
Eran Zucker / Lucy Williams | + 44 20 7469 0930 |
Walbrook PR Ltd | +44 20 7933 8787 or yolo@walbrookpr.com |
Paul McManus/Sam Allen | +44 7980 541 893/+44 7884 664 686
|