4 Oct 2017 07:50
Concha PLC
RNS announcement: New investment and proposed change of name
4 October 2017
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
CONCHA PLC ('Concha' or 'the Company')
New Investment in UcaDO
Concha (AIM:CHA), the AIM listed investment company is pleased to announce that it has agreed to participate £175,000 in a facility to advance £250,000 by way of secured convertible loan notes ("Loan Notes") being used by TheBuyerpool Limited which trades as UcaDO ("UcaDO"). UcaDO has developed a proprietary platform to facilitate the free listing of both owned and rented, residential and commercial property, by property owners and landlords to prospective buyers and tenants alike. UcaDO has not yet filed accounts so there are no profits/losses or assets which can be disclosed.
The Directors believe that the emergence of virtual or hybrid estate agents in recent years has provided the property market with a perceived lower cost, fixed fee property marketing option. Whilst these new market entrants have sought to offer "up front" fixed fee pricing options, the underlying reliance on the property seller to fund the model remains largely unchanged from that of the traditional high street agent. As the market continues to move in the direction of ever decreasing agent's fees at the perceived expense of customer service, UcaDO seeks to bypass this trend of fee erosion by offering a truly disruptive, agent free monetisation model to the property listing service - free to both buyer and seller alike. Its property listing service will be offered through its own mobile app and web portal, the former already having been approved as an app on both Apple's App store and Google Play.
The Loan Notes bear interest at a rate of 10% per annum and are repayable on or before 30th June 2018. The Loan Notes may be converted, at Concha's option, into new equity shares in UcaDO on 31st March 2018 or earlier upon the sale or listing of UcaDO or upon the raising of equity finance by UcaDO. Should the Loan Notes be converted, Concha would secure a minority holding of 17.1% in UcaDO.
Proposed Change of Name
Your Board considers it appropriate to now change the company name to Four Capital PLC and will table a resolution to affect this change of name at the Company's next Annual General Meeting.
**ENDS**
For further information, please contact:
Concha PLC
Chris Akers, Chairman chris.akers@srgplc.com
SPARK Advisory Partners Limited (Nominated Advisor) +44 (0) 20 3368 3550
Sean Wyndham-Quin/Mark Brady