11/05/2018 | Press release | Distributed by Public on 11/05/2018 02:30
Angelfish Investments plc ("Angelfish" or "the Company")
Update on Investment
The Directors of Angelfish announce the following update on its investment in YBOO Limited ("YBOO").
On 18 July 2018, Angelfish announced that it had agreed to increase its holding in YBOO to a total of 20%.
Angelfish has now agreed to increase its holding by a further 15%, to a total of 35%, for additional consideration of £400,000. Furthermore Angelfish has agreed to provide a working capital loan of up to £1.5million at an interest rate of 10% p.a. secured over the assets of YBOO. The loan may be drawn down in minimum instalments of £100,000 and is repayable in full, including accrued interest, no later than 24 months from the commencement of the agreement.
This funding package will allow YBOO to continue its UK and international rollout campaign and continue with an accelerated development of YBOO products.
Martyn Gould, CEO and founder of YBOO commented: "We are delighted to grow our relationship with Angelfish and by the extent of their continued support. This injection of capital will allow YBOO to continue its growth strategy. The number of app downloads is increasing every week and we are helping more consumers to switch networks. In addition, our B2B insights portal which will supply data to the mobile phone providers, is being launched this week."
Richard Walker, director of Angelfish commented "We are excited with the progress made by YBOO since our initial investment and delighted to have secured an increase in our holding in YBOO and to have agreed the terms for the potential injection of substantial funds for the further roll out and expansion of the YBOO model. YBOO continues to attract considerable trade interest within the price comparison sector with the imminent launch of the insight portal being another significant step forward for the company. This increased funding demonstrates the investment strategy of Angelfish in providing initial early stage capital with subsequent further funding made available as our investments progress.''
Further updates on YBOO 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)7772 013116
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.