2 February 2018
Angelfish Investments Plc (“Angelfish” or “the Company”)
Convertible Loan Note Investment
The Directors of Angelfish announce that the Company has agreed
to subscribe for 0% fixed rate secured convertible loan notes
issued by YBOO Limited (“YBOO”). The principal terms of the
notes are as follows:
-
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 UK mobile app which enables the
customer to know which mobile network and deal is best for
them. According to Which? in 2015, UK consumers overpaid by
an average of £159. More recent research conducted by The
Citizens Advice Bureau, shows 36% of consumers overpay by between
£22 and £38 per month, equivalent to between £264 and £456 per
year.
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 UK.
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.
Martyn Gould, CEO of YBOO
commented: “I am absolutely delighted to be working with Angelfish
who share our passion for solving a real problem for UK
consumers. Angelfish have the skills and experience to help
us drive YBOO Limited forward over the coming years and their
connections to the UK Financial Markets are key to our plans for
international expansion”
Richard Walker, director of
Angelfish commented: “YBOO presents an exciting opportunity for
Angelfish as a seed investor, with a strong management team in
place and discussions for key contracts for the next stage of
growth well advanced. We look forward to working closely with the
YBOO team to provide additional management support over the coming
months’’
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:
Angelfish Investments
Plc
+44 (0)7769 591096
Andrew Flitcroft
Finance Director
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.