Update re trading & publication of 2019 Accounts

RNS Number : 9976Q

B90 Holdings PLC

24 June 2020

 

24 June 2020

B90 Holdings plc

("B90", the "Company" or "Group")

Update re trading and

publication of 2019 Annual Report and Accounts

B90 Holdings plc (AIM: B90), the online marketing and operating company for the gaming industry, provides the following update in respect of recent trading and the publication of the Group's Annual Report and Accounts for the year ended 31 December 2019.

As previously announced, the Group's business has been negatively impacted as a result of the COVID-19 pandemic, which has, until recently, resulted in the cancellation of the vast majority of sporting events in its target markets since mid-March 2020.  Accordingly, revenues in the year to date are significantly lower than management's expectations  and the revenues  in the same period in 2019 for the online business.

Whilst trading has improved in recent weeks, following the restart of some of the main football leagues in Europe together with other sports, the Company continues to be reliant on being able to manage its creditors and the Company continues to seek to secure further funding in the short term and discussions continue in this regard with new and existing investors.  In the event that it does not raise further funding in the short term, there can be no certainty that the Group will be able to continue as a going concern.

Accordingly, as a result of the ongoing funding discussions and due to the delays caused by the COVID-19 pandemic to the Group's audit timetable, the Company will be unable to publish its annual audited accounts for the year ended 31 December 2019 ("2019 Annual Report and Accounts") by the 30 June deadline pursuant to AIM Rule 19.  The Company currently anticipates being able to publish the 2019 Annual Report and Accounts as soon as practicable following completion of a planned fundraise, should it be concluded as anticipated.  There can be no guarantee however that such a fundraise will be completed.

The Company confirms that the suspension in the trading of its Ordinary Shares on the AIM market of the London Stock Exchange remains in place and is expected to do so until the Company, inter alia, publishes its 2019 Annual Report and Accounts.

Further announcements will be made as appropriate.

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

For further information please contact:

B90 Holdings Plc   [phone]

Paul Duffen, Executive Chairman

Marcel Noordeloos, Chief Financial Officer

Strand Hanson Limited (Nominated Adviser)   [phone]

James Harris / Richard Tulloch

Whitman Howard Ltd (Broker)   [phone]

Nick Lovering / Christopher Furness

IFC Advisory (Financial PR & IR)   [phone]

Graham Herring / Tim Metcalfe / Zach Cohen

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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