Last checked at 15 Mar 2022 07:00
15 March 2022
Mobile Streams plc
("MOS" or "the Company")
Oversubscribed placing to fund expansion
Broker Option
Proposed Gfinity partnership and investment
Mobile Streams plc, the AIM quoted mobile content and data intelligence company, is pleased to announce the successful completion of a placing (the "Placing"), arranged by the Company's Broker Peterhouse Capital Limited ("Peterhouse"), to raise £1,200,000 before expenses to support the continuing growth of the Group, and to create a new joint venture partnership (the "JV") with AIM traded Gfinity Plc ("Gfinity") for Mobilegaming.com, the site through which the Company is focusing its gaming and Esports offerings. The JV will aim to better monetise Mobilegaming.com using the combined resources of the Company and Gfinity.
The Company is working to agree the terms of the joint venture and expects to announce the conclusion of the agreement shortly. In anticipation of agreeing this, MOS has agreed to subscribe for £250,000 in Gfinity's placing as announced on 14 March 2022. Further details regarding the joint venture will be announced shortly.
A total of 400,000,000 ordinary shares of 0.01p nominal value each ("Placing Shares") have been placed conditional only on Admission with investors at 0.30p per share, a discount of approximately 25% to the closing mid‐market price prior to the Placing of 0.4p on both 11 March 2022 (being the closing price on the day before the placing was arranged) and 14 March 2022 (being the last closing price on the day before the announcement of the Placing). Each Placing share will rank pari passu with existing Ordinary Shares and will be issued with one warrant per share exercisable at 0.6p per share for a period of 18 months from the date of admission of these new Shares to AIM, which is expected to be on or around 18 March 2022.
The Placing Shares represent approximately 13.4% of the enlarged share capital of the Company and together with the attached warrants and Broker option (as described below) would represent approximately 28.6% of the diluted issued share capital (assuming no other warrants or options are exercised).
Total Voting Rights
Following the issue of the Ordinary Shares as described above, and including a total of 8,250,000 ordinary shares issued during the month as a result of exercises of 8,250,000 warrants exercisable at 0.2p per share, the Company's issued share capital consists of 2,995,106,993 ordinary shares with a nominal value of 0.01p each, with voting rights. The Company does not hold any Ordinary Shares in Treasury.
Therefore, the above figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Broker Option
To provide existing shareholders who did not participate in the Placing with the opportunity to do so, the Company has granted an option (the "Broker Option") to Peterhouse, subject to the completion of the Placing, to subscribe for an additional 33,333,333 new Shares (the "Broker Option Shares") on the same terms as the Placing, exercisable before 5:00pm on 16 March 2022. Depending on demand, the number of Broker Option Shares subject to the Broker Option may be increased at the discretion of the Company with the written agreement of Peterhouse. As far as is practical, participation in the Broker Option will be prioritised for shareholders (direct or indirect) on the register at the close of business on 11 March 2022 ("Existing Shareholders"). If the Broker Option is fully taken up, it will raise an additional £0.1 million before expenses. If the Broker Option is not fully subscribed by 5:00pm on 16 March 2022, orders from eligible investors will be satisfied in full, and the balance of the Broker Option shall lapse.
Subscription to Broker Option
To subscribe for Broker Option Shares, Existing Shareholders and other qualified investors should communicate their bid to Peterhouse via their stockbroker as Peterhouse cannot take direct orders from individual private investors. Existing Shareholders or other interested parties who wish to register their interest in participating in the Broker Option Shares should instruct their stockbroker to call Peterhouse on STX: 76086 or 020 7469 0938 or 020 7469 0936 or 020 7220 9797. Each bid should state the number of Broker Option Shares the Existing Shareholder or other qualified investor wishes to subscribe for at the Placing Price.
Mark Epstein, CEO Mobile Streams plc, said:
"The funds raised in this placing will enable us to take advantage of significant revenue generating opportunities and help us grow the business at a faster rate. We are delighted to have been able to act so quickly to not only secure this opportunity but also add significant funds to the business which will help us take up further deals as they present themselves. We are now extremely well-funded, and the business is in the strongest position it has been in for years."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Mobile Streams plc
The Company provides mobile games and content through its carrier relationships, through its LiveScores platform, and with partners including International Gaming Systems ("IGS") via www.mobilegaming.com. The Streams Data business provides data insight, intelligence, visualisation services and marketing optimisation tools. These are sold to clients and help to power the Company's core offerings. The enterprise level bespoke service achieved first revenues in June 2020, and the Streams SaaS ("Software as a Service") self-service platform generated initial customer revenues in October 2020.
For further information, please contact:
Mobile Streams plc
Nigel Burton, Adviser
+44 77 8523 4447
www.mobilestreams.com
Beaumont Cornish (Nominated Adviser)
James Biddle and Roland Cornish
+44 (0) 20 7628 3396
Peterhouse Capital Limited (Broker)
Lucy Williams and Duncan Vasey
+44 (0) 20 7469 0930