Blue Star Capital plc Dynasty eSports Update (6444V)
April 15 2021 - 10:29AM
UK Regulatory
TIDMBLU
RNS Number : 6444V
Blue Star Capital plc
15 April 2021
15 April 2021
Blue Star Capital plc
("Blue Star" or the "Company")
Dynasty eSports Update
Blue Star Capital plc (AIM: BLU), the investing company with a
focus on esports, payments, technology and its applications within
media and gaming, provides an update in respect of its investee
company Dynasty eSports Pte Ltd ("Dynasty").
The Company has been advised Dynasty achieved its first monthly
profit on an operating basis in January 2021. While the company has
continued to strategically invest in platform development and
building high quality teams, increasing monthly cash inflow means
Dynasty still has approximately 60 per cent. of the proceeds
remaining from the fundraising round conducted in August 2020.
The Company has also been informed that Dynasty expects to
shortly conclude a further round of fundraising in which it is
targeting to raise approximately US$5 million, based on a pre-money
valuation of US$45 million. This represents a material increase in
Dynasty's valuation based on its previous fundraising round. Under
the terms of the Company's initial investment, Blue Star retains
anti-dilution rights and is considering exercising these rights to
participate in Dynasty's fundraising round. The Company is in
discussion with brokers and warrant holders in respect of raising
further investment funds.
The proceeds of Dynasty's fundraising is expected to be used to
provide it with the ability to accelerate growth and to seek to
convert a greater number of pipeline opportunities.
Blue Star currently holds approximately 13.0 per cent of the
issued share capital of Dynasty, having invested GBP428,000 to
date, which previously valued Blue Star's stake at approximately
GBP1.3 million based on Dynasty's valuation at its last fundraising
round in August 2020 at approximately GBP10 million. In the event
of the completion of the latest fundraising round, the Company
anticipates a significant increase in the valuation of its
investment.
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:
Blue Star Capital plc +44 (0) 20 3608 3019
Derek Lew
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
(Nominated Adviser)
Jo Turner / Liam Murray / Mark
Rogers
S tanford Capital Partners Limited
(Broker)
Patrick Claridge / John Howes /
Bob Pountney +44 (0) 20 3815 8880
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