Blue Star Capital plc Further re: investment in SatoshiPay (4438B)
April 04 2017 - 1:00AM
UK Regulatory
TIDMBLU
RNS Number : 4438B
Blue Star Capital plc
04 April 2017
Blue Star Capital plc
("Blue Star" or the "Company")
Further re: investment in SatoshiPay
Blue Star Capital plc (AIM: BLU), the investing company with a
focus on technology and its applications within media and gaming,
announces an update following its announcement on 2 March 2017
regarding its further investment in SatoshiPay ("Investment") and
issue of 268,213,880 new ordinary shares of Blue Star to FastFoward
as consideration for the Investment (the "Announcement").
At the time of entering into the SPA regarding the Investment,
as a result of the Consideration Shares to be issued to FastForward
comprising approximately 21.7 percent. of the issued share capital
of the Company, the Directors of Blue Star considered that it was
in the best interests of shareholders for the Consideration Shares
to be subject to a staged lock-in agreement over a period of 9
months ("lock-in arrangements"). Following the Announcement and
completion of the Investment, the Directors believe that the
lock-in arrangements may have led to the share price of Blue Star
under-performing compared to the Director's expectations whilst
shareholders and potential new investors wait for each lock-in
period to end. Taking this into account and the strong interest in
the Company's placing of new ordinary shares in January 2017, the
Directors have agreed that, subject to the broker finalising
arrangements to place out the existing Consideration Shares to a
variety of investors on terms that the Directors consider are
acceptable, the lock-in arrangements may be terminated. The
Directors believe that this will be in the best interests of
shareholders. The Directors will provide an update in the event
that the existing Consideration Shares are successfully placed-out
with new shareholders.
Unless otherwise stated, capitalised terms used in this
announcement have the meaning as set out in the Announcement.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market
soundings (as defined in MAR) were taken in respect of the Vendor
Placing with the result that certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this Announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities
For further information, please contact:
Blue Star Capital
plc
Tony Fabrizi +44 (0) 777 178 2434
Cairn Financial Advisers
LLP +44 (0) 20 7213 0880
(Nominated Adviser)
Emma Earl/Jo Turner
Smaller Company Capital
Limited +44 (0) 203 651 2911
(Broker)
Rupert Williams/Jeremy
Woodgate
About Blue Star Capital Plc
Blue Star is an investing company with a focus on technology and
its applications within media and gaming. Blue Star's investments
include a 19.3 per cent. holding in SatoshiPay, a nanopayment
software and blockchain company; a holding in Disruptive Tech
Limited, an investing company with five investments including a 38%
holding in VNU Group LLC ("VNU") a speciality online direct
retailer of premium goods paid for through an instant credit
facility and a holding in Nektan PL; and an investment in Sthaler,
an early stage identity and payments technology business which
enables a consumer to identify themselves and pay using just their
finger at retail points of sale.
About SatoshiPay Ltd
SatoshiPay is headquartered in London with development led
through its office in Berlin. Angel funding for SatoshiPay Ltd was
supplied by Axel Springer Plug & Play and Henning Peters, seed
funding was raised through publicly listed companies Coinsilium
Group (ISDX:COIN) and FastForward Innovations (LON:FFWD).
Development of SatoshiPay's nanopayment product started in April
2015 and its beta version was released in February 2016. Find
updated information at the company's website https://satoshipay.io,
its blog https://medium.com/@SatoshiPay and Twitter
@SatoshiPay.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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