YOLO Leisure & Technology PLC Directorate Change, Change of Name & Warrants (8699R)
01 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMYOLO
RNS Number : 8699R
YOLO Leisure & Technology PLC
01 November 2019
YOLO Leisure and Technology plc
("YOLO" or the "Company")
Proposed Directorate Change, Proposed Change of Name and Grant
of Warrants
YOLO Leisure and Technology plc (AIM:YOLO) is pleased to
announce that, following its recent placing and strategic decision
to focus on technology opportunities in the fields of big data,
machine learning, telematics and the internet of things (IoT), John
Taylor and Donald Stewart have provisionally agreed to join the
Board of the Company ("Board") following publication of the
Company's audited accounts for the year to 30 September 2019 (the
"2019 Accounts"). Such appointments are subject to standard
regulatory approvals.
On 2 October 2019, it was announced that the Board had conducted
a review of the Company's investment strategy and that the Board
had decided that, in the light of the current market conditions and
pipeline opportunities, within the scope of its current investment
strategy it should give particular focus to technology
opportunities in the fields of big data, machine learning,
telematics and the internet of things (IoT). At the time it was
also announced that the Board intended to identify new directors
with more specialist sector experience.
Proposed Directorate Change
John and Donald worked together successfully on the reverse
takeover transaction between Bidstack Group Plc (formerly known as
KIN Group Plc) and Bidstack Limited, which completed on 19
September 2018. Bidstack Group plc won the "Best Performing Share
Award for 2019" at the recent Aim Awards. The Board believes their
collective and relevant experience will assist the Company in the
delivery of its value creation plan.
John's most recent focus has been on assisting small cap listed
companies with their development. Prior to this, he spent 18 months
working in private equity backed portfolio companies, driving
operational turnaround initiatives and implementing costing
systems. He spent over 20 years in the Army Air Corps, leaving in
2015 with the rank of Lieutenant Colonel. Between 2013 and 2015 he
was senior strategic communications of cer for the Ministry of
Defence. John is a non-executive director of Two Shields
Investments Plc, an AIM quoted technology investment company and a
non-executive director of Sabien Technology Group plc, an
AIM-quoted provider of energy reduction technologies.
Donald is a solicitor and has practised corporate law,
particularly focused on smaller quoted companies, for almost 30
years. Between April 2013 and July 2015 he was on the board of AIM
quoted Progility Plc and, before that, had been a corporate partner
in the London office of a global law firm. He is a former director
(and past chairman) of the Quoted Companies Alliance, the UK
not-for-profit organisation dedicated to promoting the cause of
smaller quoted companies.
It is intended that John will join the Company as Chairman and
Donald will join the Board as Non-Executive Director and Company
Secretary.
Simon Robinson and Sean Nicolson will step down as directors at
the time that the two new directors are appointed. Sohail Bhatti
will remain as Finance Director.
Proposed Change of Name
The Company intends to change its name to Asimilar Group plc. A
general meeting will be convened to consider the necessary
resolution.
Grant of Warrants and Related Party Transaction
Subject to the completion of their appointment to the Board, the
Company has agreed to grant John Taylor and Donald Stewart
2,000,000 warrants each to subscribe for ordinary shares of 0.01p
each at an exercise price of 10p per share, exercisable for a
period of 3 years from the date of their appointment. The Company
has also agreed to grant Sohail Bhatti 1,000,000 warrants on the
same terms and at the same time as the other new Board members.
The granting of warrants to Sohail Bhatti, Finance Director of
the Company, is considered to be a related party transaction
("Transaction") pursuant to Rule 13 of the AIM Rules for Companies.
Simon Robinson and Sean Nicolson consider, having consulted with
the Company's nominated adviser, Cairn Financial Advisers LLP, that
the terms of the Transaction are fair and reasonable insofar as its
shareholders are concerned.
Simon Robinson said: "Our commitment has always been resolute in
our pursuit of value creation for our shareholders. Following our
strategic review we believe that now is the right moment to focus
on the chosen fields that can capitalise on new technology
opportunities arising. The support received by the Board from our
shareholders along the journey has been outstanding and we are
extremely grateful. We are excited for John and Donald to join with
their experience and expertise, once the appropriate approvals have
been agreed."
John Taylor said: "The Company has a clean balance sheet and a
highly supportive shareholder base. I am confident that working
closely with my fellow Board members we can capture a small number
of high impact investments that over time will be able to create
and generate real and tangible value for the Company's
shareholders. The proposed Company name change to Asimilar Group
reflects an ambitious agenda and at the same time underlines our
belief that a successful investment strategy requires challenging
the accepted norms and setting ambitious execution targets."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
--ENDS-
Enquiries
YOLO Leisure and Technology plc
Simon Robinson, Executive Chairman simon.robinson@yoloplc.com
Cairn Financial Advisers LLP (Nominated Adviser)
Sandy Jamieson, Liam Murray Tel: +44 20 7213 0880
Peterhouse Capital Limited (Broker)
Duncan Vasey, Lucy Williams Tel: + 44 20 7220 9797
Walbrook PR Ltd Tel: +44 20 7933 8787 or yolo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
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END
MSCLLFIRIDLLVIA
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November 01, 2019 03:00 ET (07:00 GMT)
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