REG - RiverFort Global Opp - Update on investment in Pluto Digital plc

Riverfort Global OpportunitiesAnnouncement

24/01/2022 13:40

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RNS Number : 4142Z  RiverFort Global Opportunities PLC  24 January 2022

 

24 January 2022

RiverFort Global Opportunities plc

 

("RGO" or the "Company")

 

Update on investment in Pluto Digital plc

 

Proposed acquisition of Pluto Digital plc by NFT Investments plc

 

 

RGO notes today's announcement by NFT Investments plc (AQSE:NFT) ("NFT
Investments"), with regard to Pluto Digital plc ("Pluto"), a company in which
RGO holds an investment.

 

NFT Investments, which is quoted on the Access segment of the AQSE Growth
Market and operates as an incubator specialising in the market for
non-fungible tokens ("NFTs"), has announced that it has entered into a
non-legally binding letter of intent to acquire the entire issued share
capital of Pluto.

 

NFT Investments believes that this will create a global metaverse company and
advance the activities of NFT Investments in the NFTs sector as Pluto has
already invested in NFTs and NFT gaming.

 

NFT Investments is proposing to acquire the entire issued share capital of
Pluto for a consideration to be satisfied by the issue of 2.4 billion ordinary
shares in NFT Investments ("Proposed Acquisition").

 

Based on the closing mid-market share price of NFT Investments on 21 January
2022 of 2.475p and the 516,570,526 Pluto shares in issue based on the latest
Companies House filings, this equates to an indicative price per Pluto share
of 11.5p.

 

RGO holds 21,666,667 shares in Pluto which are carried at a valuation of 6p
per share based on Pluto's last funding round.  Based on the price of 11.5
pence per Pluto share referred to above, this would value the RGO shareholding
in Pluto at approximately £2.5 million, compared to the current RGO book
value of its Pluto investment of £1.3 million.

 

The Proposed Acquisition would be a reverse takeover of NFT Investments under
the AQSE Rules and shares in NFT Investments have been suspended from trading
until the proposed acquisition of Pluto is completed.  The acquisition is
conditional on certain approvals and so there can be no guarantee that the
acquisition will complete.  Furthermore, the ability of RGO to realise its
holding in NFT Investments will depend on prevailing liquidity at the time.
However, it should also be noted that NFT Investments recently announced that
it had submitted an initial application to list its shares on the NEO Exchange
Inc, a Canadian stock exchange based in Toronto.

 

 

Philip Haydn-Slater, Non-executive Chairman of RGO commented:

 

"We are pleased to note the announcement made today by NFT Investments
regarding its intention to acquire Pluto.  This development will enable Pluto
to effectively achieve a stock market listing at a headline price
significantly in excess of the price at which we currently carry our
investment in Pluto.  This further demonstrates the value that can be
achieved by investing in attractive pre-IPO situations."

 

 

 

 

Enquiries:

 

 Pires Investments plc        Tel: +44 (0) 20 3368 8978

 Philip Haydn-Slater

 Nicholas Lee, Director

 Joint Broker                 Tel: +44 (0) 20 7562 3351

 Peterhouse Capital Limited

 Lucy Williams

 Joint Broker                 Tel: +44 (0) 20 7186 9950

 Shard Capital Partners LLP

 Damon Heath

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

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