Blue Star Capital plc FORMATION Esports Investment (7659Z)
23 September 2020 - 4:00PM
UK Regulatory
TIDMBLU
RNS Number : 7659Z
Blue Star Capital plc
23 September 2020
23 September 2020
Blue Star Capital plc
("Blue Star" or the "Company")
FORMATION Esports Investment
Blue Star Capital plc (AIM: BLU), the investing company with a
focus on esports, payments, technology and its applications within
media and gaming, is pleased to announce that it has invested
EUR125,000 (approximately GBP115,500) in FORMATION Esports SAS
("Formation").
Formation has been recently incorporated in France with the
support of the UNIQORN incubator-accelerator to focus on esport
opportunities within contact sports . The purpose of the fundraise,
in which the Company has participated, is to provide Formation with
funds to launch a dedicated esports platform aimed at providing
contact sports clubs with revenue and sponsorship generating
opportunities and increased exposure.
The board of Formation estimates that contact sports, most
notably rugby, have a global fan base of over 3 billion people,
however, these sports have received little attention from the
esports sector. It is the intention of the board of Formation to
cover the entire spectrum of contact sports fans and clubs. In
addition, Formation expects to launch its own academy with physical
workshops across France and Europe.
Among other initiatives, Formation is in the process of
finalising a relationship with Betway Africa's virtual sports
platform and has built a platform to engage and convert those
customers.
Terms of the Investment
Pursuant to the terms of the investment, the Company has
subscribed for 12,500,000 new ordinary shares, totalling
EUR125,000, representing a holding of 9.6 per cent of Formation.
The Company has participated alongside other investors and has been
provided with limited warranties and it has been granted certain
information and antidilution rights.
Derek Lew, a director of the Company, is a shareholder of
Formation. Derek Lew is also participating in Formation's fundraise
and expects to hold approximately 4 per cent of Formation's
enlarged issue share capital upon completion.
Tony Fabrizi, CEO of Blue Star said, "We are pleased to invest
in FORMATION esports, which continues our investment focus on
esports. As with our other esports investments, we have managed to
secure a sizeable stake in an early stage business where we see
considerable potential. Our existing portfolio continues to make
strong progress and we look forward to updating the market with
further news as the year progresses."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Blue Star Capital plc +44 (0) 777 178 2434
Tony Fabrizi
Cairn Financial Advisers
LLP +44 (0) 20 7213 0885
(Nominated Adviser & Broker)
Jo Turner / Liam Murray
About Blue Star Capital plc
Blue Star is an investing company with a focus on new
technologies. Blue Star's investments include a 27.7% holding in
SatoshiPay, a payments business using blockchain technology;
investments in 6 early stage esports companies with shareholdings
ranging from 11% to 18% and a 0.9% investment in Sthaler, an
identity and payments technology business which enables a consumer
to identify themselves and pay using just their finger.
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