Good Life Plus
Plc
(the "Company" or "Good Life
Plus")
PLACING AND SUBSCRIPTION TO
RAISE £2.0 MILLION
CONVERTIBLE LOAN NOTE
CONVERSION
COMPANY REACHES 40,000 SUBSCRIBER
MILESTONE
TOTAL VOTING
RIGHTS
Good Life Plus Plc (AQSE: GDLF), an
innovator in the luxury prize draw and rewards sector, is pleased
to announce that it has raised gross proceeds of £1.5 million by
means of a placing (the "Placing") of 60 million new ordinary
shares ("Ordinary Shares") of £0.001 each in the capital of the
Company (the "Placing Shares"), to certain institutional and other
investors at a price of 2.5 pence per Ordinary Share (the "Issue
Price"). The Placing was led by the Company's broker,
Tennyson Securities.
In addition, the Company has raised
£500,000 through a direct subscription for 20 million new Ordinary
Shares to new and existing investors ("Subscription"), including
Winforton Investments Limited, a private investment vehicle
associated with Mark Blandford, the founder of Sportingbet Plc, a
holder of 20.6% of the current issued share capital, which has
subscribed for 12 million new Ordinary Shares at the Issue Price.
The participation of Winforton constitutes a related party
transaction under Rule 4.6 of the AQSE Growth Market Access
Rulebook. The Directors consider that, having exercised reasonable
care, skill, and diligence, the related party transaction is fair
and reasonable as far as the shareholders of the Company are
concerned.
The Company also announces the
conversion of £287,500 of Convertible Loan Notes ("CLNs") at a 10%
discount to the Issue Price. This conversion is in accordance with
the terms set out in the CLN issue, announced on 2 September 2024,
further enhancing the Company's capital structure and shareholder
value.
The total number of new Ordinary
Shares pursuant to the Placing, the Subscription, and the
conversion of the CLNs is 92,777,777.
Business Update
Good Life Plus is pleased to report
strong growth momentum, driven by its expanding subscription base.
The Company has grown rapidly, increasing subscribers by over 100%
from 2023 and has now reached another important milestone, reaching
over 40,000 subscribers on its platform. This represents a
further 90% increase in subscriber numbers since the date of its
listing in December 2023 (21,000 subscribers). This growth in
subscriber numbers underscores the effectiveness of Good Life
Plus's premium subscription offering and focus on delivering
quality experiences.
The Company is pleased to report
that it is on track to meet or exceed current market
expectations.
Use
of Proceeds
The proceeds from the Placing,
Subscription, and conversion of CLNs will be used to support the
Company's continued expansion, with a focus on aggressive customer
acquisition, partnership acceleration, and operational
improvements. Funds will be deployed to enhance the premium
subscription offering, increase average revenue per user, and
support technological infrastructure upgrades to facilitate further
market penetration. Additionally, the Company may invest in
above-the-line advertising opportunities to enhance brand
visibility and build on its momentum in scaling the
business.
Broker Warrants
As part of the Placing, broker
warrants have been issued to Tennyson Securities representing 5% of
the Placing amount raised by them at an exercise price of 2.5p per
share. This equates to 3 million warrants with a 5-year exercise
period from the date of admission of the Placing Shares to
Aquis.
Admission and Total Voting Rights
Following the issue of the Placing
Shares, the Subscription Shares and the new Ordinary Shares in
relation to the conversion of the CLNs, the Company's issued
ordinary share capital shall consist of 812,049,980 Ordinary
Shares. The shares are expected to be admitted to trading on the
AQSE Growth Market on Friday, 4 October 2024. The figure of
812,049,980 represents the total voting rights in the Company and
should be used by shareholders as the denominator for the
calculation by which they can determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance
& Transparency Rules.
Charlie Chadd, CEO of Good Life Plus Plc,
commented:
"The success of our recent fundraising efforts will
significantly strengthen our financial position and enable us to
accelerate key growth initiatives. The proceeds will allow us to
expand aggressively into new customer acquisition channels, build
on our existing partnerships, and explore new above-the-line
advertising opportunities that will enhance our brand visibility.
It will strengthen our ability to continue scaling, as evidenced by
our demonstrated growth trajectory to over 40,000
subscribers.
"With a strong capital structure in place, we are
well-positioned to execute on our vision and transition from a
market disruptor to an industry leader."
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors of the Company take
responsibility for this announcement.
- Ends -
For
further information, please contact:
Good Life Plus Plc
Charlie Chadd, Chief Executive Officer
| +44 (0)7500
929157
AQSE Corporate Advisor
Novum Securities Limited
David Coffman / Daniel Harris / George Duxberry
| +44 (0)20 7399 9400
Tennyson Securities
Broker
Peter Krens / Alan Howard
| +44 (0) 20 7186 9030
Rosewood
Financial Media
and Investor Communications
John West / Lily Pearce
| +44 (0)20
7653 8702
goodlifeplus@rosewoodpr.co.uk
