Update re TVPlayer investment

RNS Number : 8072J

YOLO Leisure & Technology PLC

21 August 2019

 

YOLO Leisure and Technology plc

("YOLO")

Investment in TVPlayer Limited

Further to the announcement made on 10 June 2019, YOLO Leisure and Technology plc, the AIM-quoted company focusing on opportunities in the technology, media and leisure sectors, understands that the board of TVPlayer Limited ("TVPlayer") has not received any offers of investment that would enable TVPlayer to continue its development. It is understood that the TVPlayer board is now seeking a buyer for the business as a going concern or any of its assets. However none of these discussions have yet reached a stage when a definitive offer has been made for the purchase of TVPlayer.

It is unclear at present what return may be generated for shareholders in TVPlayer in the event of a sale of its business as a going concern or any of its assets. The board of YOLO has today made the decision on a prudent basis to write down to nil the value of its investments in TVPlayer which 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 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).

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 sale 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.

Enquiries

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

 

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