Change of Adviser and Company Update

RNS Number : 5695X

Papillon Holdings PLC

30 April 2019

 

Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector: Investment

30 April 2019

Papillon Holdings Plc ('Papillon' or 'the Company')

Appointment of New Adviser & Completion of £500k Fundraise

Papillon Holdings plc, the London listed investment company, is pleased to announce that it has appointed Novum Securities ('Novum') as sole broker and Financial Adviser with immediate effect.  

Additionally, further to the announcement dated 21 December 2018, Novum has committed to invest £300k in the Company; this completes the £500k fundraise via the issue of convertible loan notes in the Company.  The proceeds, which will be drawn down as required, are to be utilised for general corporate purposes as well as being lent to the Company's initial investment, Pace Cloud Ltd ('Pace Cloud').

Pace Cloud's underlying business, CarCloud Community (www.carcloudcommunity.co.uk), a fintech company focused on the used car market, continues to perform robustly.  The Company looks forward to updating the market in regard to its proposed initial investment of a 50% interest in Pace Cloud in due course.

Papillon is continuing its dialog with submissions to UKLA to allow for finalisation of a Re-Admission Prospectus and will update the market on the process in due course.

**ENDS**

For further information visit www.papillonholdingsplc.com or contact the following: 

Charles Tatnall	Papillon Holdings plc	[e-mail] 07930 445 691
Colin Rowbury	Novum Securities Limited	[phone]
Isabel de Salis / Cosima Akerman	St Brides Partners Limited	[e-mail] [phone]

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

 

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