REG - B90 Holdings PLC - Fundraising and Board Changes

B90 HoldingsAnnouncement

30/06/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230630:nRSd4663Ea&default-theme=true

RNS Number : 4663E  B90 Holdings PLC  30 June 2023

For release: 30 June 2023

B90 Holdings plc

("B90" or the "Company")

Funding and Board Changes

B90 Holdings (AIM: B90), the online marketing and operating company for the
gaming industry, today announces that it has raised a further €2 million
through subscriptions for convertible loan notes ("Loan Notes") by Mark
Blandford, who acts as a strategic adviser to the Company.  The Company is
also announcing  a number of changes to its Board of Directors.

Funding

The Company has raised a further €2 million through subscriptions for Loan
Notes, with funds due to be transferred to the Company before 12 July 2023, at
which point the relevant Loan Notes will be issued. The net proceeds raised
will be used for general working capital purposes and to help the Company
accelerate its acquisition strategy.

The Loan Notes have a term of three years from issue and are convertible no
earlier than 31 December 2023, at the request of the Loan Note holder, at a
10% discount to the volume weighted average price for the five trading days
prior to the conversion notice.  The Loan Notes are convertible, at the
discretion of the Company, at any time and on the same terms.  The Loan Notes
carry a coupon of 10% per annum, which shall accrue and be paid upon
redemption or conversion.

Commenting on the fundraising, Ronny Breivik, Executive Chairman B90, said:

"Our strategic and deliberate approach is to actively pursue selective
acquisitions and other opportunities, such as entering license agreements with
businesses in our sector which seek operational knowhow and distribution
capabilities.  It is important to have a strengthened balance sheet to
facilitate swift execution and I am delighted to announce that our strategic
adviser has again backed us in this fundraising."

Board Changes

In addition the Company is also announcing a number of changes to the
composition of its Board.

Ronny Ingvar Breivik who previously held the title of Interim Executive
Chairman has become Executive Chairman with immediate effect.

Marcel Noordeloos has informed the Company he wishes to step down from his
position as Finance Director and to retire from the Board, upon appointment of
a permanent replacement.

In this regard, the Company is pleased to confirm Farzad Peyman's role as a
consultant to the Company to strengthen the Group's finance function and
support its M&A strategy.

Mr Peyman is the founder of Virya Solutions Group, a firm with a team of
independent specialist consultants supporting and investing in the most
promising and sustainable projects across Gambling, iGaming, eSports, Web3,
Metaverse and Blockchain technology.  Previously he has held senior
leadership roles including CEO and CFO of Matchbook Betting Exchange and Group
Financial Controller at Sportingbet Plc (now part of Entain plc). Mr Peyman
has 17 years' experience in online gambling across B2C and B2B and is a leader
of significant business change including restructuring, governance,
regulatory, financial control, M&As and exits. He led a series of mergers
and acquisitions of sports betting, casino and sports trading operations and
oversaw the embedding of culture and implementation of cost synergies post
every transaction.

Commenting on the Board changes, Ronny Breivik, Executive Chairman said:

"Marcel has worked tirelessly for the Company over a long period of time
having provided professional, calm and thoughtful financial leadership during
often the most difficult of circumstances.  The Company and all its
stakeholders owe him a great deal of gratitude and we wish him every success
in his future ventures and appreciate his ongoing commitment until a permanent
successor is appointed."

He added:

"I hold high expectations for Farzad and his exceptional experience and
expertise, which I believe will prove invaluable as our Company embarks on the
next phase of its proactive acquisition and expansion strategy and I am
delighted to welcome him to the team."

The information communicated in 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.

 

ends-

 

For further information please contact:

 

 B90 Holdings plc                              +44 (0)1624 605 764
 Ronny Breivik, Executive Chairman

 Strand Hanson Limited (Nominated Adviser)     +44 (0)20 7409 3494
 James Harris / Richard Johnson / Rob Patrick

 Zeus Capital Limited (Joint Broker)           +44 (0)20 3829 5000
 Louisa Waddell / Tim Dainton

 Panmure Gordon (UK) Limited (Joint Broker)    +44 (0)20 7886 2500
 Simon J French

 Belvedere (Financial PR & IR)                 +44 (0)20 3008 6864
 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBKLLLXQLXBBQ