ChallengerX Plc FlashBet App Rights Acquisition and Equity Issue
August 17 2023 - 1:00AM
UK Regulatory
TIDMCXS
17 August 2023
ChallengerX plc
("ChallengerX", "CXS"
or the Company")
FlashBet App Rights Acquisition and Equity Issue
ChallengerX (AQUIS: CXS), the company that employs both traditional and non
-traditional marketing strategies to rapidly "professionalise" amateur and semi
-professional sports clubs around the world, is pleased to announce that it has
entered into an exclusive licence agreement with Flash Corp Technologies Ltd
("Flash Corp") by which the Company has acquired a renewable 13-month license
over the rights of FlashBet Wheel App's design and technology in UK and Europe,
for a consideration to be satisfied by 80,000,000 new ordinary shares of £0.001
each issued at market price of 0.55p in ChallengerX ("New Shares"), representing
18.91% of the enlarged issued share capital of ChallengerX. Under the terms of
the licence agreement, ChallengerX has the right to continually extend the
license on a year-by-year basis for a royalty fee calculated as an amount equal
to 10% of ChallengerX's yearly revenue. In addition, at any time during or at
the end of the licence term, ChallengerX will have the right to acquire the
exclusive rights to the intellectual property relating to FlashBet Wheel App
Technology in perpetuity for a consideration to be satisfied by the issue of
900,000,000 shares.
About Flash Corp and the FlashBet Wheel App:
Flash Corp is a company that develops and promotes technology for the sports
betting and gaming industry. Flash Bet is a patented digital gaming platform
that aims to improve the way bettors engage with online betting. Flash Corp's
shareholders comprise a number of individuals and companies, with Tik Tok
Technologies Limited (a company incorporated in England & Wales, with company
number 10221419; for the avoidance of doubt, the company has no connection with
TikTok app or its parent company ByteDance Ltd) and Gazelle Investments Limited
(a company incorporated in the Turkish Republic of Northern Cyprus with company
number MS15508) holding respectively approximately 41% and 27%.
The FlashBet Wheel App is an innovative parlay/accumulator betting product. The
platform removes the friction from the process via a gamified "betting wheel"
that the Flash Corp intends to integrate into gaming operation portfolios, while
at the same time building an internal B2C (direct-to-costumer) customer
acquisition on-ramp at scale.
For further information, please see https://flashfreeplay.com/
Admission:
The New Shares rank pari passu with existing shares in issue. Application will
be made for the New Shares to be admitted to trading on the AQSE Growth Market
and admission is expected to become effective, and dealings in the New Shares
are expected to commence on or around 23 August 2023 ("Admission").
Total Voting Rights:
Following Admission, the Company's issued share capital will comprise
423,140,556 ordinary shares of £0.001 each, with each share carrying the right
to one vote. The Company holds no shares in Treasury. Accordingly, the above
figure 423,140,556, may be used as the denominator for calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation and the Directors of the Company are responsible for the
release of this announcement.
For further information, please contact:
Enquiries:
ChallengerX plc
John May, Chairman jmay@city-westminster.com
Stuart Adam, CFO sjadam@city-westminster.com
First Sentinel Corporate +44 7876 888 011
AQSE Corporate Adviser Brian
Stockbridge / Gabrielle
Cordeiro
[][][][][][][][]
NOTIFICATION OF
MAJOR HOLDINGS
(to
be sent to the
relevant issuer
and
to the FCA in
Microsoft Word
format
if possible) [i]
1a. Identity of ChallengerX PLC
the issuer or the
underlying issuer
of existing
shares
to which voting
rights are
attached
[ii]:[ ]
1b. Please
indicate if the
issuer is
a non-UK issuer
(please mark with
an
"X" if
appropriate)
Non-UK issuer
2. Reason for the
notification
(please mark the
appropriate box
or
boxes with an
"X")
An acquisition or X
disposal of
voting
rights
An acquisition or
disposal of
financial
instruments
An event changing
the breakdown of
voting rights
Other (please
specify) [iii]:
3. Details of
person subject to
the
notification
obligation [iv]
Name Flash Corp Technologies
Ltd
City and country Henfield, United
of registered Kingdom
office (if
applicable)
4. Full name of
shareholder(s)
(if
different from
3.) [v]
Name
City and country
of registered
office (if
applicable)
5. Date on which 17 August 2023
the threshold was
crossed or
reached [vi]:
6. Date on which 17 August 2023
issuer notified
(DD/MM/YYYY):
7. Total
positions of
person(s)
subject to the
notification
obligation
% of voting % of voting Total of both Total
rights rights in % (8.A + number of
attached to through 8.B) voting
shares financial rights
(total instruments held in
of 8. A) (total of issuer
8.B 1 + 8.B (8.A +
2) 8.B) [vii]
Resulting 18.91% 0 18.91% 80,000,000
situation on the
date on
which threshold
was crossed or
reached
Position of 0 0 0
previous
notification
(if applicable)
[][][][][][][]
8. Notified
details of the
resulting
situation on
the date on
which the
threshold was
crossed or
reached [viii]
A: Voting
rights
attached to
shares
Class/type of Number of voting % of voting rights
sharesISIN rights [ix]
code (if
possible)
Direct(DTR5.1) Indirect (DTR5.2.1) Direct(DTR5.1) Indirect(DTR5.2.1)
Ordinary 80,000,000 18.91%
shares
GB00BMD0WG01
SUBTOTAL 8. A 80,000,000 18.91%
B 1: Financial
Instruments
according to
DTR5.3.1R (1)
(a)
Type of Expiration Exercise/ Number of
% of
financial date [x] Conversion voting
voting
instrument Period rights
rights
[xi] that may
be
acquired
if the
instrument
is
exercised/c
onverted.
SUBTOTAL
8. B 1
B 2: Financial
Instruments
with similar
economic
effect
according to
DTR5.3.1R (1)
(b)
Type of Expiration Exercise/ Physical or
Number of voting rights % of
financial date [x] Conversion cash
voting
instrument Period Settlement
rights
[xi] [xii]
SUBTOTAL 8.B.2
[][][][]
9. Information in
relation to the
person subject to
the notification
obligation
(please mark the
applicable box
with an "X")
Person subject to
the notification
obligation is not
controlled by any
natural person or
legal entity and
does not control
any other
undertaking(s)
holding directly
or indirectly an
interest in the
(underlying)
issuer [xiii]
Full chain of X
controlled
undertakings
through which the
voting rights
and/or the
financial
instruments are
effectively held
starting with the
ultimate
controlling
natural person or
legal entity
(please add
additional rows
as necessary)
[xiv]
Name [xv] % of voting rights if it equals or is % of voting Total of
higher than the notifiable threshold rights both if it
through equals or
financial is higher
instruments than the
if it notifiable
equals or threshold
is higher
than the
notifiable
threshold
Tunch Kashif 7.59% 7.59%
(chain 1)
Gazelle
Investments Ltd
Tik Tok
Technologies Ltd
Meral Kashif 3.82% 3.82%
(chain 2)
Gazelle
Investments Ltd
Tik Tok
Technologies Ltd
Tik Tok 7.78% 7.78%
Technologies Ltd
(chain 3)
10. In case of
proxy voting,
please identify:
Name of the proxy
holder
The number and %
of voting rights
held
The date until
which the voting
rights will be
held
11. Additional
information [xvi]
The percentage of
voting rights
held by Tik Tok
Technologies Ltd
includes the
voting rights for
Tunch Kashhif &
Meral Kashif that
Tunch Kashif
holds through
both his own
shares in Tik Tok
Technologies Ltd,
and that of which
both Meral Kashif
and Tunch Kashif
hold through
Gazelle
investments Ltd
shareholding in
Tik Tok
Technologies Ltd.
Of the 7.78%
voting rights
that Tik Tok
Technologies Ltd
(chain 3) holds,
2.10% is
ultimately held
by Tunch Kashhif
and 1.30% is held
by Meral Kashif
Place of completion UK
Date of completion 17 August 2023
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/challengerx-plc/r/flashbet-app-rights-acquisition-and-equity-issue,c3818958
END
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August 17, 2023 02:00 ET (06:00 GMT)
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