TIDMB90
RNS Number : 5306L
B90 Holdings PLC
16 May 2022
Strictly embargoed until: 07.00, 16(th) May 2022
B90 Holdings plc
("B90", the "Company" or "Group")
Subscription to raise GBP731,000 and Board Appointment
Subscription
B90 Holdings plc (AIM: B90), the online marketing and operating
company for the gaming industry, is pleased to announce that it has
raised GBP731,000 (before expenses) through a subscription for
12,713,043 new ordinary shares of no par value in the capital of
the Company ("Ordinary Shares") (the "Subscription Shares") by
certain existing investors at a price of 5.75 pence per share (the
"Issue Price") (the "Subscription").
The Issue Price equals the Company's closing middle market share
price on 13 May 2022, being the last practicable business day prior
to this announcement. The Subscription Shares represent 5.0% of the
Company's existing issued share capital (inclusive of the deferred
consideration shares, announced on 13 May 2022). The Subscription
is conditional on, inter alia, Admission (as defined below).
The proceeds of the Subscription will be utilised for marketing
activities and working capital.
Board Appointment
The Company also announces that current Non-Executive Chairman,
Karim Peer, has been appointed as the Company's new Executive
Chairman with immediate effect. Karim has over 25 years' experience
in building and successfully exiting companies . F ormerly Managing
Director of Open Bet, a leading provider of sportsbook, casino
gaming and betting shop technology, Karim led the business when it
acquired Alphameric plc and oversaw substantial profit growth. He
was then part of the team that sold Open Bet to Vitruvian Partners
for more than GBP200m. Karim was also CEO of Financial Objects plc
which, under his leadership, was sold in 2008 to a Swiss listed
software group, achieving a 90% premium to the then prevailing
share price.
The Company recognises the need to enhance its board
composition, and intends to appoint at least one independent
Non-executive director as soon as reasonably practicable. Further
announcements will be made as appropriate.
Karim Peer, Executive Chairman, commented:
"The proceeds from this Subscription place the Group on a more
stable financial footing and enable the activation of additional
marketing initiatives to drive revenue. By enhancing our well
established direct to customer routes we will continue to introduce
and augment our brands in new and different markets, facilitating
more growth and accelerating customer acquisition. We are already
making significant operational and financial progress and customer
numbers are increasing across our territories, particularly in
South America, with good customer acquisition numbers; and
retention rates and average spend increasing when compared to last
year. With a number of high profile events scheduled for this year,
not least the FIFA World Cup Qatar 2022, we are increasingly
optimistic about the prospects for the Group."
Admission
When issued, the Subscription Shares will rank pari passu with
the existing Ordinary Shares and application is being made to the
London Stock Exchange plc for admission of the new Ordinary Shares
to trading on AIM ("Admission"). The Subscription is conditional
on, inter alia, Admission and dealings are expected to commence at
08.00am on 20 May 2022.
Total voting rights
Following Admission, the Company's total issued share capital
will consist of 264,572,258 Ordinary Shares with voting rights. The
Company does not hold any Ordinary Shares in treasury and
accordingly there are no voting rights in respect of any treasury
shares. On Admission, the abovementioned figure of 264,572,258
Ordinary Shares may be used by shareholders in the Company 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, B90 under the Financial Conduct Authority's Disclosure
and Transparency Rules.
-ends-
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
For further information please contact:
B90 Holdings plc +44 (0)1624 605 764
Karim Peer, Non-Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409
3494
James Harris / Richard Johnson / Rob Patrick
Whitman Howard Ltd (Broker)
Nick Lovering
Belvedere (Financial PR & IR) +44 (0)20 3687 2754
John West / Llewellyn Angus
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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