Further re Investment in TVPlayer Limited

RNS Number : 7208O

YOLO Leisure & Technology PLC

03 October 2019

 

YOLO Leisure and Technology plc

 ("YOLO" or the "Company")

Further Update: Investment in TVPlayer Limited

Further to the announcement made on 21 August 2019 in which the Company announced its decision to write down to nil the value of its investments in TVPlayer Limited ("TVPlayer"), the Company has today been made aware that TVPlayer has been placed into administration.

YOLO's investments in TVPlayer comprise 3.28 per cent. of TVPlayer's fully diluted equity share capital and £50,000 of convertible loan notes.  The book value of TVPlayer in YOLO's balance sheet as at 31 March 2019 was £446,973 (0.86p per YOLO ordinary share). As announced on 30 April 2019, as at 31 March 2019 YOLO's net asset value equated to 6.81p per ordinary share (5.95p per ordinary share excluding the book value of TVPlayer in YOLO's balance sheet on the same date).

It is unclear at present what return may be generated for shareholders in TVPlayer following the administration. YOLO will make a further announcement once the likely outcome of the administration process and the return for YOLO becomes clearer.

TVPlayer was spun out of one of YOLO's other investee companies, Simplestream Limited ("Simplestream"). Accordingly, YOLO's holding of TVPlayer equity shares was not acquired for an additional cash subscription. YOLO's only cash investment in TVPlayer was its subscription for £50,000 of convertible loan notes.

Simplestream is not affected by the TVPlayer administration process and it continues to develop its technology and is pursuing a number of commercial opportunities.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

--ENDS--

Enquiries

YOLO Leisure and Technology plc
Simon Robinson	[e-mail]
Cairn Financial Advisers LLP
Sandy Jamieson, Liam Murray	Tel: [phone]
Peterhouse Capital Limited
Duncan Vasey, Lucy Williams	Tel: + 44 20 7220 9797
Walbrook PR Ltd	Tel: [phone] [e-mail]
Paul McManus	Mob: [phone]
Sam Allen	Mob: [phone]

 

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