REG - B90 Holdings PLC - Subscription and Board Appointment

B90 HoldingsAnnouncement

16/05/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220516:nRSP5306La&default-theme=true

RNS Number : 5306L  B90 Holdings PLC  16 May 2022

Strictly embargoed until: 07.00, 16(th) May 2022

 

B90 Holdings plc

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

 

Subscription to raise £731,000 and Board Appointment

 

Subscription

 

B90 Holdings plc (AIM: B90), the online marketing and operating company for
the gaming industry, is pleased to announce that it has raised £731,000
(before expenses) through a subscription for 12,713,043 new ordinary shares
of no par value in the capital of the Company ("Ordinary Shares") (the
"Subscription Shares") by certain existing  investors at a price of 5.75
pence per share (the "Issue Price") (the "Subscription").

 

The Issue Price equals the Company's closing middle market share price on 13
May 2022, being the last practicable business day prior to this announcement.
The Subscription Shares represent 5.0% of the Company's existing issued share
capital (inclusive of the deferred consideration shares, announced on 13 May
2022). The Subscription is conditional on, inter alia, Admission (as defined
below).

 

The proceeds of the Subscription will be utilised for marketing activities and
working capital.

 

 

Board Appointment

 

The Company also announces that current Non-Executive Chairman, Karim Peer,
has been appointed as the Company's new Executive Chairman with immediate
effect.  Karim has over 25 years' experience in building and successfully
exiting companies.  Formerly Managing Director of Open Bet, a leading
provider of sportsbook, casino gaming and betting shop technology, Karim led
the business when it acquired Alphameric plc and oversaw substantial profit
growth.  He was then part of the team that sold Open Bet to Vitruvian
Partners for more than £200m.  Karim was also CEO of Financial Objects plc
which, under his leadership, was sold in 2008 to a Swiss listed software
group, achieving a 90% premium to the then prevailing share price.

 

The Company recognises the need to enhance its board composition, and intends
to appoint at least one independent Non-executive director as soon as
reasonably practicable. Further announcements will be made as appropriate.

 

Karim Peer, Executive Chairman, commented:

 

"The proceeds from this Subscription place the Group on a more stable
financial footing and enable the activation of additional marketing
initiatives to drive revenue.  By enhancing our well established direct to
customer routes we will continue to introduce and augment our brands in new
and different markets, facilitating more growth and accelerating customer
acquisition.  We are already making significant operational and financial
progress and customer numbers are increasing across our territories,
particularly in South America, with good customer acquisition numbers; and
retention rates and average spend increasing when compared to last year.
With a number of high profile events scheduled for this year, not least the
FIFA World Cup Qatar 2022, we are increasingly optimistic about the prospects
for the Group."

 

 

Admission

 

When issued, the Subscription Shares will rank pari passu with the existing
Ordinary Shares and application is being made to the London Stock Exchange plc
for admission of the new Ordinary Shares to trading on AIM ("Admission"). The
Subscription is conditional on, inter alia, Admission and dealings are
expected to commence at 08.00am on 20 May 2022.

 

Total voting rights

 

Following Admission, the Company's total issued share capital will consist
of 264,572,258 Ordinary Shares with voting rights.  The Company does not
hold any Ordinary Shares in treasury and accordingly there are no voting
rights in respect of any treasury shares. On Admission, the abovementioned
figure of 264,572,258 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to their
interest in, B90 under the Financial Conduct Authority's Disclosure and
Transparency Rules.

 

-ends-

 

The information contained within 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).

 

For further information please contact:

 

B90 Holdings
plc
                +44 (0)1624 605 764

Karim Peer, Non-Executive Chairman

Marcel Noordeloos, Chief Financial Officer

 

Strand Hanson Limited (Nominated Adviser)
                     +44 (0)20 7409 3494

James Harris / Richard Johnson / Rob Patrick

 

Whitman Howard Ltd (Broker)

Nick Lovering

 

Belvedere (Financial PR & IR)
                                          +44 (0)20 3687
2754

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.

 

Website: www.b90holdings.com (http://www.b90holdings.com)

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  FURAAMRTMTIBBMT