B90 Holdings PLC Fundraising and Board Changes (4663E)
June 30 2023 - 1:01AM
UK Regulatory
TIDMB90
RNS Number : 4663E
B90 Holdings PLC
30 June 2023
For release: 30 June 2023
B90 Holdings plc
("B90" or the "Company")
Funding and Board Changes
B90 Holdings (AIM: B90), the online marketing and operating
company for the gaming industry, today announces that it has raised
a further EUR2 million through subscriptions for convertible loan
notes ("Loan Notes") by Mark Blandford, who acts as a strategic
adviser to the Company. The Company is also announcing a number of
changes to its Board of Directors.
Funding
The Company has raised a further EUR2 million through
subscriptions for Loan Notes, with funds due to be transferred to
the Company before 12 July 2023, at which point the relevant Loan
Notes will be issued. The net proceeds raised will be used for
general working capital purposes and to help the Company accelerate
its acquisition strategy.
The Loan Notes have a term of three years from issue and are
convertible no earlier than 31 December 2023, at the request of the
Loan Note holder, at a 10% discount to the volume weighted average
price for the five trading days prior to the conversion notice. The
Loan Notes are convertible, at the discretion of the Company, at
any time and on the same terms. The Loan Notes carry a coupon of
10% per annum, which shall accrue and be paid upon redemption or
conversion.
Commenting on the fundraising, Ronny Breivik, Executive Chairman
B90, said:
"Our strategic and deliberate approach is to actively pursue
selective acquisitions and other opportunities, such as entering
license agreements with businesses in our sector which seek
operational knowhow and distribution capabilities. It is important
to have a strengthened balance sheet to facilitate swift execution
and I am delighted to announce that our strategic adviser has again
backed us in this fundraising."
Board Changes
In addition the Company is also announcing a number of changes
to the composition of its Board.
Ronny Ingvar Breivik who previously held the title of Interim
Executive Chairman has become Executive Chairman with immediate
effect.
Marcel Noordeloos has informed the Company he wishes to step
down from his position as Finance Director and to retire from the
Board, upon appointment of a permanent replacement.
In this regard, the Company is pleased to confirm Farzad
Peyman's role as a consultant to the Company to strengthen the
Group's finance function and support its M&A strategy.
Mr Peyman is the founder of Virya Solutions Group, a firm with a
team of independent specialist consultants supporting and investing
in the most promising and sustainable projects across Gambling,
iGaming, eSports, Web3, Metaverse and Blockchain technology.
Previously he has held senior leadership roles including CEO and
CFO of Matchbook Betting Exchange and Group Financial Controller at
Sportingbet Plc (now part of Entain plc). Mr Peyman has 17 years'
experience in online gambling across B2C and B2B and is a leader of
significant business change including restructuring, governance,
regulatory, financial control, M&As and exits. He led a series
of mergers and acquisitions of sports betting, casino and sports
trading operations and oversaw the embedding of culture and
implementation of cost synergies post every transaction.
Commenting on the Board changes, Ronny Breivik, Executive
Chairman said:
"Marcel has worked tirelessly for the Company over a long period
of time having provided professional, calm and thoughtful financial
leadership during often the most difficult of circumstances. The
Company and all its stakeholders owe him a great deal of gratitude
and we wish him every success in his future ventures and appreciate
his ongoing commitment until a permanent successor is
appointed."
He added:
"I hold high expectations for Farzad and his exceptional
experience and expertise, which I believe will prove invaluable as
our Company embarks on the next phase of its proactive acquisition
and expansion strategy and I am delighted to welcome him to the
team."
The information communicated in this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
ends-
For further information please contact:
B90 Holdings plc +44 (0)1624 605 764
Ronny Breivik, Executive Chairman
Strand Hanson Limited (Nominated
Adviser) +44 (0)20 7409 3494
James Harris / Richard Johnson
/ Rob Patrick
Zeus Capital Limited (Joint
Broker) +44 (0)20 3829 5000
Louisa Waddell / Tim Dainton
Panmure Gordon (UK) Limited
(Joint Broker) +44 (0)20 7886 2500
Simon J French
Belvedere (Financial PR & IR) +44 (0)20 3008 6864
John West / Llewellyn Angus
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.
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END
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