TIDMYOLO
RNS Number : 4639X
YOLO Leisure & Technology PLC
30 April 2019
YOLO Leisure and Technology plc
("YOLO" or the "Company")
Unaudited Interim Results for the six months ended 31 March
2019
Introduction and Key highlights
The board is pleased to announce the Company's unaudited results
for the six month period ending 31 March 2019. The key highlights
during the period were:
-- As at 31 March 2019 YOLO's net asset value equates to 6.81p
per ordinary share versus a share price of 3.0p as at 29 April
2019.
-- On 5 February 2019 the Company successfully raised GBP300,000
before costs via a placing ("Placing") of 8,000,000 new ordinary
shares of 0.01p each with new and existing investors at an issue
price of 3.75p per share ("Placing Shares"). Under the Placing each
investor received one warrant for every four Placing Shares
exercisable at 5.00p per share at any time for a period of three
years from the date of admission of the Placing Shares.
-- On 5 February 2019 the Company invested GBP100,000 in
Sparkledun Ltd ("Sparkledun") to acquire 3.41% of its issued share
capital. Sparkledun through its trading subsidiary, Fast to Fibre
Limited, has rights to exploit and further develop a technology
solution utilising a unique patented process for the extraction of
the inner core of telecoms and power cables, allowing the insertion
of fibre optic cable without the need for excavation or other
disruptive techniques.
The announcement contains information which, prior to its
disclosure, was inside information for the purposes of the Market
Abuse Regulation.
For further details please see below
YOLO Leisure and Technology plc
Simon Lee Robinson simon.robinson@yoloplc.com
Cairn Financial Advisers LLP
Sandy Jamieson, Liam Murray Tel: +44 20 7213 0880
Peterhouse Capital Limited (Sole
broker)
Duncan Vasey / Lucy Williams Tel: + 44 20 7220 9797
Walbrook PR Ltd Tel: +44 20 7933 8787 or
yolo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Sam Allen Mob: +44 7884 664 686
YOLO LEISURE AND TECHNOLOGY PLC
CHAIRMAN'S STATEMENT
FOR THE SIX MONTHSED 31 MARCH 2019
Introduction
I am pleased to report that the Company has had an active six
month period ended 31 March 2019.
YOLO is an investing company, making investments in early stage
technology, media content and leisure companies. YOLO's status
provides an opportunity for shareholders to gain exposure to early
stage investments in our chosen sectors.
We identify and invest in entrepreneurial businesses with
visionary founders that with the required support and investment
have the potential to scale quickly. We will invest in pre-revenue
businesses, but we generally look for evidence of commercial
traction. Our current focus is companies in our chosen sectors that
have the potential to exit or list within two years after our
investment.
We have continued to actively support our existing investee
companies whilst also continuing to actively source and review new
opportunities. During the first six months of the 2018-19 year the
board has evaluated over 20 opportunities based on our investment
criteria. We made one new investment In Sparkledun Limited, the
owner of Fast to Fibre Limited (details of which are set out
below).
Summary of investment portfolio
Details of the current principal investments are set out
below.
Simplestream Limited ("Simplestream")
Simplestream provides software as a service (SaaS) based live
and video on demand (VoD) streaming solutions to global media
brands via a portfolio of related products.
The company's Cloud TV Platform enables broadcasters to rapidly
deploy "next generation" TV services across multiple devices and
territories. Cloud TV is used by many well-known media companies in
the UK including UKTV, Channel 4, Sony, A+E, AMC Networks, Newscorp
and QVC amongst others. Internationally, British Forces
Broadcasting Services (BFBS) deployed Cloud TV to bring British TV
to British service personnel across the world. The company has
launched its first service in the emerging African market with
TracePlay, a global urban music and entertainment group which uses
Cloud TV to deliver an SVOD services to desktop, iOS and Android
devices.
Simplestream's award winning VOD-In-A-Box solution enables
non-broadcasters to launch over the top (OTT) video services in
three easy steps: (1) add content, (2) set commercials, and (3)
customise apps. Customers include Law & Crime, Blaze, Love
Nature, History Hit, Real Stories, Marquee and CountryLine.
Hybrid TV provides BARB (Broadcasters' Audience Research Board)
rated OTT functionality for existing broadcast channels across the
UK's majority TV platforms. Features include automated 28-day catch
up, series stacking, content recommendations and real time viewing
analytics. Customers include CBS and Sony.
Launched in 2019, the Sports Video Platform enables sports
leagues, federations and rights holders to rapidly deploy OTT
services multi-platform, including low latency live streaming of
sporting events, instant highlight creation and in-app betting. The
first customer is a leading UK public service broadcaster who will
use the Sports Video Platform to streamline their online coverage
of major sporting events.
Telco TV is specially designed for telecommunications companies
to rapidly deploy in and out of home TV services using the Apple TV
platform, with a companion app for both iOS and Android devices.
Nova, Iceland's fastest growing telco used Telco TV to launch its
TV services for its 100,000 customers. NOVA TV broadcasts six local
TV channels free of charge with multiple subscription packages
comprising local and international premium channels.
YOLO holds 9,943 shares in Simplestream, which represents a
6.34% holding on a fully diluted basis.
TVPlayer Limited ("TVPlayer")
Launched in 2014, TVPlayer has developed into the only TV
streaming service in the UK to offer over 100 free and pay
broadcast channels aggregated within a single app, providing access
to mainstream TV without the need for cable, satellite or
antenna.
TVPlayer's operates within the fast changing global consumer
television market, providing OTT access for consumers. The OTT
market caters for the needs of millions of consumers worldwide who
wish to move away from the traditional means of enjoying broadcast
TV.
TVPlayer has licensing agreements with the UK's major TV
companies and operates the service using its proprietary OTT
platform. Apps are available for all major devices.TVPlayer
currently focuses on the UK market, but has the potential to offer
rapid deployments in other geographical markets.
The business is continuing to explore options of further
strategic investment or a trade sale.
YOLO holds 11,067 shares in TVPlayer which represents 3.28% on a
fully diluted basis.
Magic Media Works Ltd ("MMW"):
Magic Media Works mission is to bring loved ones together
through shared music entertainment experiences through its
innovative ROXi music entertainment console.
Featuring a comprehensive music library from all major rights
owners including Universal Music, Sony Music and Warner Music and
worldwide internet radio, ROXi also includes unique additional
features including karaoke-style Sing With The Stars, Name The Song
trivia game, art shows and therapeutic Sound Machine. ROXi works
right out of the box, taking just two minutes to set up.
ROXi is riding on the waves of increasing government and
parental concern about the amount of time that children spend on
social media and small screen devices. A survey commissioned by the
company shows that UK children now spend six hours and 11 minutes
with personal devices every day and only 49 minutes together as a
family. 66% of UK parents say they wish they had more time to spend
together as a family. ROXi provides an antidote to this world of
me-only personal devices and tech isolationism.
MMW launched its Direct Response TV campaign in October 2018
with TV ads and infomercials and digital campaigns on Facebook and
Google, all endorsed by celebrities such as Sheryl Crow and Alesha
Dixon. During Q4 2018 ROXi achieved a core marketing efficiency
ratio ("MER") of 7.0 against the target of 5.0 and industry norm of
2.8.
MMW has plans to substantially increase ramp up its scale,
spending significantly more on TV media and on the development of
new products over the next 24 months. In order to achieve this, MMW
is progressing a fundraise of up to GBP5m of growth capital.
YOLO holds 1,646,682 shares which represents 15.8% of the fully
diluted share capital. YOLO also holds GBP500,000 of convertible
loan notes.
Fast to Fibre Limited ("F2F")
On 5 February 2019 YOLO invested GBP100,000 to acquire 3,260
ordinary shares in Sparkledun Ltd ("Sparkledun"). Fast to Fibre
Limited ("F2F") is a 100% subsidiary of Sparkledun and has the
right to exploit and further develop a technology solution
utilising a patented process for the extraction of the inner copper
core of telecoms and power cables, allowing the insertion of fibre
optic without the need for excavation or other disruptive
techniques.
The F2F commercial proposition is to reduce the cost of fibre
optic deployment particularly in difficult to access areas such as
urban and city centres, thereby increasing the pace of adoption in
line with government targets around the world to provide ultra-fast
internet access.
F2F has successfully completed several trials in a variety of
different geographical locations and complex situations and is
pursuing a number of major commercial opportunities in Europe and
the West Indies working with the leading telcos.
Yolo holds 3,260 shares in Sparkledun which represents 3.41% of
the issued shares.
YOLO also holds two other investments in listed companies
Gfinity is an end to end eSports (also known as competitive
gaming) business. YOLO holds 400,000 shares.
AudioBoom is one of the world's leading spoken-word audio or
podcasting platforms for hosting, distributing and monetising
content. YOLO holds 5,340,000 shares.
Issue of new shares
On 5 February 2019, YOLO successfully raised GBP300,000 before
costs via a placing ("Placing") of 8,000,000 new ordinary shares of
0.01p each with new and existing investors at an issue price of
3.75p per share ("Placing Shares"). Under the Placing each investor
received one warrant for every four Placing Shares exercisable at
5.00p per share at any time for a period of three years from the
date of admission of the Placing Shares.
I would like to thank our shareholders and advisers for
continuing to support the board and its vision.
Simon Robinson
Chairman
29 April 2019
YOLO LEISURE AND TECHNOLOGY PLC
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 MARCH 2019
Unaudited Unaudited
six months ended six months ended
31 March 2019 31 March 2018
Notes GBP GBP
Other income 7,000 13,250
Unrealised (loss) on
remeasurement to fair
value 3 (19,837) (26,635)
Administrative expenses (139,923) (150,186)
(LOSS) FROM OPERATIONS
BEFORE FINANCING ACTIVITIES (152,760) (163,571)
Finance income 145 24
(LOSS) BEFORE TAX (152,615) (163,547)
----------------- -----------------
Tax -
(LOSS) FOR THE PERIOD (152,615) (163,547)
----------------- -----------------
TOTAL COMPREHENSIVE
(EXPENSE) / INCOME FOR
THE PERIOD (152,615) (163,547)
================= =================
(Loss) before tax and total comprehensive (expense) for the
period are all attributable to the equity shareholders of the
parent.
(Loss) per share
Basic (0.33) (0.37)p
======= ========
Diluted (0.33) (0.37)p
======= ========
Income and profit from operations for the current period all
derive from continuing operations.
YOLO LEISURE AND TECHNOLOGY PLC
INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHSED 31 MARCH 2019
Unaudited Audited
31 March 30 September
2019 2018
Notes GBP GBP
ASSETS
Non-current assets
Investments 3 3,164,158 3,083,994
3,164,158 3,083,994
------------ -------------
Current assets
Trade and other receivables 71,140 86,986
Cash and cash equivalents 4 354,170 270,524
------------ -------------
425,310 357,510
------------ -------------
TOTAL ASSETS 3,589,468 3,441,504
============ =============
EQUITY AND LIABILITIES
Equity
Share capital 5 5,207,754 5,206,954
Share premium account 7,864,973 7,574,273
Retained earnings (9,525,031) (9,372,416)
Total equity attributable to equity
holders of the parent 3,547,696 3,408,811
------------ -------------
Current liabilities
Trade and other payables 41,772 32,693
Total liabilities 41,771 32,693
------------ -------------
TOTAL EQUITY AND LIABILITIES 3,589,468 3,441,504
============ =============
YOLO LEISURE AND TECHNOLOGY PLC
INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2019
Share
Share Premium Retained
capital Account Earnings Total
GBP GBP GBP GBP
Audited as at 1 October
2017 5,206,954 7,574,273 (8,267,202) 4,514,025
Total comprehensive
income for the period - - (163,547) (163,547)
Unaudited as at 31
March 2018 5,206,954 7,574,273 (8,430,749) 4,350,478
========== ========== ============ ============
Audited as at 1 October
2018 5,206,954 7,574,273 (9,372,416) 3,408,811
Total comprehensive
expenses for the period (152,615) (152,615)
Share issue 800 299,200 300,000
Cost of new issue (8,500) (8,500)
Unaudited as at 31
March 2019 5,207,754 7,864,973 (9,525,031) 3,547,696
========== ========== ============ ============
All equity is attributable to equity shareholders.
Share premium
Represents amounts subscribed for share capital in excess of its
nominal value, net of directly attributable issue costs.
YOLO LEISURE AND TECHNOLOGY PLC
INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 MARCH 2019
Unaudited Unaudited
six months six months
ended ended
31 March 2019 31 March 2018
GBP GBP
Operating activities
(Loss) before tax (152,615) (163,571)
Loss on current fair value adjustment 19,837 26,635
Changes in working capital:
Decrease / (Increase) in trade
and other receivables 15,845 (10,394)
Increase / (Decrease) in trade
and other payables 9,079 (4,739)
Net finance cost (145) -
Net cash used in operating activities (107,999) (152,069)
-------------- --------------
Investing activities
Interest received 145 24
Investments (100,000) (50,000)
Net cash used in investing activities (99,855) (49,976)
-------------- --------------
Financing activities
Net proceeds from issue of shares 291,500 -
Net cash received from financing 291,500 -
activities
-------------- --------------
Taxation - -
Net increase / (decrease) in
cash and cash equivalents 83,646 (202,045)
Cash and cash equivalents at the start
of the period 270,524 619,939
-------------- --------------
Cash and cash equivalents at the end
of the period 354,170 417,894
============== ==============
YOLO LEISURE AND TECHNOLOGY PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHSED 31 MARCH 2019
1 General information
YOLO Leisure and Technology plc ('the Company') is an investment
company as defined under AIM Rule 15.
The Company is a publicly listed company on AIM, is incorporated
and domiciled in England and its registered office is 4 More London
Riverside, London, SE1 2AU.
This interim financial information was approved for issue on 29
April 2019.
2 Accounting policies
2.1 Basis of preparation
The interim financial information comprises the Statements of
Financial Position at 31 March 2019 and 30 September 2018 and the
Statements of Comprehensive Income, Changes in Equity and Cash
Flows for the periods ended 31 March 2019 and 31 March 2018 and the
related notes of YOLO Leisure and Technology plc, (hereinafter
referred to as 'the interim financial information).
The interim financial information has been prepared in
accordance with IAS 34, 'Interim Financial Reporting' as adopted by
the European Union. In preparing this information, management have
used the accounting policies set out in the Company's annual
financial statements as at 30 September 2018.
This interim financial information does not constitute a set of
statutory accounts under the requirements of the Companies Act 2006
and is neither audited nor reviewed. The comparative figures for
the financial year ended 30 September 2018 are an extract from the
Company's 2018 financial statements, which have been reported on by
the Company's auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified.
This document (the Interim Statement 2019) will be published on
the company's website and will be publicly available from the
London Stock Exchange regulatory publications. The maintenance and
integrity of the YOLO Leisure and Technology plc website is the
responsibility of the directors. Legislation in the UK governing
the preparation and dissemination of accounts may differ from
legislation in other jurisdictions.
2.2 Going concern
The company's activities, together with the factors likely to
affect its future development and performance, the financial
position of the company, its cashflow and liquidity position have
been considered by the directors and the board is of the opinion
that there are sufficient funds available to continue as a going
concern for the foreseeable future. The board is also planning to
raise additional funds to continue to carry out its investment
strategy as opportunities arise. Accordingly the board consider it
appropriate to adopt the going concern basis in preparing these
condensed financial statements.
2.3 Investments
Financial assets and liabilities are fair valued using a
hierarchy that reflects the significance of the inputs used in
making the fair value assessment. The fair value hierarchy has the
following levels:
Level 1: quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2: inputs other than quoted prices for identical assets or
liabilities, either directly (i.e. as prices) or indirectly (i.e.
derived from prices).
Level 3: inputs for the assets or liabilities that are not based
on observable market data (unobservable inputs).
3 Investments
Level Level 3 UnauditedTotal
1
GBP GBP GBP
Audited fair value
at 30 September 2018 160,045 2,923,950 3,083,995
Cost of acquisitions
during the period - 100,000 100,000
Unrealised loss on
remeasurement to fair
value (19,837) - (19,837)
Unaudited fair value
at 31 March 2019 140,208 3,023,950 3,164,158
========== ============ ===============
4 Cash and cash equivalents
For the purpose of the interim cash flow statement, cash and
cash equivalents are comprised of the following:
Unaudited Unaudited
31 March 31 March
2019 2018
GBP GBP
Cash at bank and in
hand 354,170 417,894
========== ==========
5 Share capital Unaudited Unaudited
six months six months
ended ended
31 March 2019 31 March 2018
GBP GBP
Issued and
fully paid
As at 31 March 2018
Ordinary shares (44,132,276 shares
of 0.01p each) 4,413 4,413
5 Feb 2019 new ordinary shares issued
(8,000,000 of 0.01p each) 800 -
Deferred shares (44,132,276 shares
of 9.99p each) 4,408,815 4,408,815
Deferred shares (8,819,181 shares
of 9.00p each) 793,726 793,726
5,207,754 5,206,954
============== ==============
Dividends paid and
6 proposed
Equity dividends on ordinary
shares:
No interim dividend was paid or is proposed for the
half year ended 31 March 2019.
7 (Loss) per share
The calculations of (loss) per share are based on the following
results and number of shares.
Unaudited Unaudited
six months six months
ended ended
31 March 2019 31 March 2018
GBP GBP
(Loss) for the financial
period (152,615) (163,547)
============== ==============
Weighted average number
of shares for diluted
loss per share 46,532,276 44,132,276
============== ==============
Weighted average number
of shares for basic loss
per share 46,532,276 44,132,276
============== ==============
At 31 March 2019, the number of ordinary shares in issue was
52,132,276.
In accordance with the provisions of IAS 33 for the periods
ended 31 March 2019, 30 September 2018 and 31 March 2018, shares
under option were not regarded as dilutive in calculating earnings
per share.
Seasonality of interim
8 operations
YOLO Leisure and Technology plc does not operate in a seasonal
or cyclical business environment.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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