Angelfish Investments plc (“Angelfish” or “the Company”)
Update on Investment
18 July 2018
The Directors of Angelfish announce the following update on its investment in YBOO Limited (“YBOO”).
On 2 February 2018, Angelfish announced that it had subscribed for 0% fixed rate convertible loan notes issued by YBOO. The loan was in the amount of £150,000 in six equal monthly instalments
Following the final instalment on 1 July, the loan was converted into a 15% holding in YBOO, in accordance with the terms of the agreement. Angelfish has now agreed to increase its holding by a further 5%, to a total of 20%, for consideration of £100,000.
Additionally, Angelfish and YBOO are currently negotiating terms to further increase this equity holding and to also provide a debt facility to allow YBOO to begin its UK and international rollout campaign, and continue with an accelerated development of YBOO products. This funding package will provide YBOO with sufficient funding for its planned growth over the next twelve months.
Richard Walker, non-executive Director of Angelfish, has been appointed as a director of YBOO.
Martyn Gould, CEO and Founder of YBOO commented: “YBOO has made substantial progress since Angelfish’s initial investment and the Q3 product launches will allow YBOO to help 60M UK consumers and the mobile networks who service them. I am delighted to be working with Angelfish to grow YBOO within the UK and internationally and I am thrilled to welcome Richard as our board”
Andrew Flitcroft, finance director of Angelfish commented “Angelfish is delighted to increase its holding in YBOO and to be negotiating the potential injection of substantial funds to secure the roll out and expansion of the YBOO model. The last few months since the initial funding has seen the YBOO management significantly advance the technology behind the model and attract considerable trade interest within the price comparison sector.’’
Further updates on YBOO and the progress of the ongoing discussions will be made as they become available.
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
David Coffman / Richard Nash
About Angelfish Investments plc
The Company’s Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the trading symbol ANGP for its Ordinary Shares and the trading symbol ANGS for its Preference Shares.