The Directors of Angelfish announce that the Company has agreed to subscribe for 0% fixed rate secured convertible loan notes (“Loan Notes”) issued by
The principal terms of the Loan Notes are as follows:
-- The loan is in the amount of £150,000 which will be drawn down in six
monthly instalments, one of £50,000, followed by five equal instalments
of £20,000.
-- The loan is supported by a full fixed and floating debenture over the
assets and undertaking of Wallet Ads.
-- The loan is repayable no later than three years after drawdown.
-- Alternatively the loan is convertible into ordinary shares equivalent to
20% of the enlarged share capital of Wallet Ads on payment of the final
instalment or immediately in the event of:
1. a further debt fund raise of at least £100,000;
2. admission of the shares of Wallet Ads to the Main Market of the
, the AIM Market, the NEX Exchange Growth
Market or any other recognised investment exchange;
3. any disposal by Wallet Ads of all, or a substantial part of its
trading activities;
4. the acquisition of control of Wallet Ads by a third party; or
5. Wallet Ads raising funds from an issue of shares to any person(s).
Wallet Ads owns and operates a mobile engagement platform that combines mobile wallet passes (Apple Wallet / Google Pay), HTML5 web and social media (Facebook, Twitter, WhatsApp) technologies to enable brands to deliver digital vouchers or passes direct to consumers’ smartphones.
There is no need for a consumer to register or download an app to engage with the technology which is free to the consumer and self-funding to the brand. The platform is supported by cutting edge and highly complex serverless infrastructure capable of updating up to one million devices per minute.
The service is being launched in conjunction with Printworks Manchester with up to 14 national brands for a three month pilot. Printworks receives over 8 million visitors a year and is part of the
Additional pilot schemes with major transportation hubs and other shopping centres are expected later in the year and Wallet Ads is in discussions with leading payment terminal companies with a view to payment till integration for national brands in 2019.
This investment will allow Wallet Ads to continue to innovate, further develop its platform and build the necessary awareness and credibility in the market for planned rapid expansion in 2019.
Mark Hadleigh, CEO of Wallet Ads commented: “I am absolutely delighted to be working with Angelfish who share our passion for solving a real problem for
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.
--ENDS—
Enquiries:
Finance Director
NEX Exchange Corporate Adviser
About
The Company’s Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in
