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15 Apr 2020 16:24
15 April 2020
B90 Holdings plc
(the "Company" or "Group")
Update on trading, financial situation and suspension of trading
The Company provides the following update following its announcement of 17 March 2020.
The Company's business continues to be negatively impacted by the ongoing cancellation of the vast majority of sporting events in its target markets as a result of the global COVID-19 pandemic, with the restrictions now looking like they will continue into May and possible further.
As a result, the Company has sought to reduce its costs and has also had constructive discussions with certain of its major creditors. The Company continues to be reliant on being able to manage its creditors and as set out in the announcement of 17 March 2020, the Company needs to raise further funds in the short term to be able to continue trading, and progress is being made in this regard.
In addition, the Company has not made the second monthly installment due pursuant to the recent acquisition of the remaining 49% interest in Bet90 Sports Limited and does not propose settling any of the monthly installments unless it has sufficient funds so to do. As set out in the announcement of 17 January 2020, the vendor will have the right to convert any outstanding balance as at 1 January 2021 into ordinary shares at 50% of the of the average mid-market closing price of the ordinary shares on the ten trading days prior to such notice.
Whilst the Company's position is constantly changing, in the event that it does not raise further funding in the short term, there can be no certainty that the Group will be able to continue as a going concern. Even if the Company is able to raise funding in the short term, there is no guarantee that it will be sufficient to be able to meet all of its creditors that are due. The Company would therefore continue to be reliant on being able to manage its creditors and being able to secure further funding in the short term.
The Company confirms that the suspension in the trading of its ordinary shares on the AIM market of the London Stock Exchange remains in place.
Further announcements will be made as appropriate.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
B90 Holdings Plc +44 (0)1624 605 764
Paul Duffen, Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Tulloch / James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Graham Herring / Tim Metcalfe / Zach Cohen
About B90 Holdings plc
B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.
Website: www.B90holdings.com
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