19 March 2021
B90 Holdings plc
("B90", the "Company" or the "Group")
Statement re Share Price Movement
B90 Holdings plc (AIM: B90), the online marketing company for the gaming industry, notes the recent rise in its share price.
The Company confirms that it is not in possession of any unpublished price sensitive information and there are no further updates to the notifications published by the Company on 17 March 2021 or in the context of its business generally.
The Company notes that, inter alia, following the restoration to trading on AIM and the raising of a further €1,847,000 (approximately £1,585,000) pursuant to the issue of convertible loan notes ("Convertible Loan"), as announced on 17 March 2021, the Company has €4,394,500 (approximately £3,762,500) outstanding pursuant to the convertible loan notes. The Convertible Loan has a three-year term and a 5% annual coupon, payable in arrears on 30 June and 31 December, with the first instalment due to be paid on 30 June 2021. The Convertible Loan is convertible at any time by the investors at a price of 5p per new Ordinary Share. The Convertible Loan will automatically convert into Ordinary Shares at 5p per Ordinary Share if the closing mid-market price of an Ordinary Share is 10p or more for 25 consecutive business days. Should the convertible loans in their entirety be converted, this would result in the issue of 75,250,000 new Ordinary Shares, representing 73.2% of the Company's current issued share capital, following the issue of the Conversion Shares, as defined below.
As announced on 17 March 2021, the Company has agreed with certain creditors that an aggregate amount of approximately €400,600 (or approximately £345,500) will be converted into 6,917,130 new Ordinary Shares (the "Conversion Shares") at a price at 5p per share (the "Conversion").
As announced, whilst trading since the end of June 2020 has been in-line with the Board's then revised expectations, as set out in its 2020 interim accounts published on 17 March 2021, the Group continues to reduce its operating costs to match the current operations and the Directors continue to manage the Group's cash resources carefully. Whilst the Group has raised additional funds by way of the Convertible Loan, the Group continues to remain reliant on being able to manage its cash resources carefully, continuing to manage its creditors and trading being in-line with management's expectations. Furthermore, should trading not be in line with management's expectations going forward, the Group's ability to meet its liabilities may be impacted, in which case the Group will need to raise further funding. In the circumstance that this is needed and whilst the Directors are confident of being able to raise such funding if required, there is no certainty that such funding will be available and/or the terms of such funding.
For further information please contact:
B90 Holdings Plc +44 (0)1624 605 764
Paul Duffen, Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / James Dance
Whitman Howard Ltd (Broker)
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Tim Metcalfe / Graham Herring / Zach Cohen
About B90 Holdings plc
B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.