The Directors of Angelfish announce that the Company has agreed to subscribe for 0% fixed rate secured convertible loan notes issued by
-- The loan is in the amount of £150,000 which will be drawn down in six equal monthly instalments commencing immediately. -- The loan is supported by a charge over the assets of YBOO. -- The loan is repayable no later than three years after drawdown -- Alternatively the loan is convertible into 15% of YBOO on payment of the final instalment or immediately in the event of: -- A further debt fund raise of at least £100,000; -- Any additional equity fund raise; -- Admission of the shares of YBOO to the Official List of the
Financial Conduct Authority, the AIM Market, the NEX Exchange or another recognised investment exchange; -- A disposal by YBOO generating proceeds in excess of £2m; or -- A change of control of YBOO
YBOO owns and operates a
The free to use app is supported by complex ‘back end’ systems which translate consumer behaviour and habits into a “meta-model”. This can then be compared to the spectrum of mobile service offers, which are updated to provide real time costs and charges. The customer then receives recommendations on the most suitable deal matched to their own personal usage and behaviour. YBOO will generate revenues from connection bonuses from switching deals and/or network, and the mobile networks from providing access to data and consultancy.
The app is currently live on the Android platform and is in the latter stages of beta testing for iOS. This investment will allow YBOO to trigger its sales and marketing plan to apply the benefits of its app to over 92M subscriptions in the
Early users of the YBOO app have achieved real savings with a recent example seeing a user’s bill reduced by more than £13 per month and an additional 4GB of data compared to their previous contract.
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of the Company take responsibility for this announcement.
Angelfish Investments Plc +44 (0)7769 591096
Cairn Financial Advisers LLP +44 (0)207 213 0880
NEX Exchange Corporate Adviser
The Company’s Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in