B90 Holdings PLC Trading update, financial situation & suspension (7870J)
16 April 2020 - 1:24AM
UK Regulatory
TIDMB90
RNS Number : 7870J
B90 Holdings PLC
15 April 2020
15 April 2020
B90 Holdings plc
(the "Company" or "Group")
Update on trading, financial situation and suspension of
trading
The Company provides the following update following its
announcement of 17 March 2020.
The Company's business continues to be negatively impacted by
the ongoing cancellation of the vast majority of sporting events in
its target markets as a result of the global COVID-19 pandemic,
with the restrictions now looking like they will continue into May
and possible further.
As a result, the Company has sought to reduce its costs and has
also had constructive discussions with certain of its major
creditors. The Company continues to be reliant on being able to
manage its creditors and as set out in the announcement of 17 March
2020, the Company needs to raise further funds in the short term to
be able to continue trading, and progress is being made in this
regard.
In addition, the Company has not made the second monthly
installment due pursuant to the recent acquisition of the remaining
49% interest in Bet90 Sports Limited and does not propose settling
any of the monthly installments unless it has sufficient funds so
to do. As set out in the announcement of 17 January 2020, the
vendor will have the right to convert any outstanding balance as at
1 January 2021 into ordinary shares at 50% of the of the average
mid-market closing price of the ordinary shares on the ten trading
days prior to such notice .
Whilst the Company's position is constantly changing, in the
event that it does not raise further funding in the short term,
there can be no certainty that the Group will be able to continue
as a going concern. Even if the Company is able to raise funding in
the short term, there is no guarantee that it will be sufficient to
be able to meet all of its creditors that are due. The Company
would therefore continue to be reliant on being able to manage its
creditors and being able to secure further funding in the short
term.
The Company confirms that the suspension in the trading of its
ordinary shares on the AIM market of the London Stock Exchange
remains in place.
Further announcements will be made as appropriate.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
B90 Holdings Plc +44 (0)1624 605 764
Paul Duffen, Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Tulloch / James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Graham Herring / Tim Metcalfe / Zach Cohen
About B90 Holdings plc
B90 Holdings plc is a group of companies focused on the
operation of its own online Sportsbook and Casino product as well
as marketing activities for other online gaming companies.
Website: www.B90holdings.com
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contact rns@lseg.com or visit www.rns.com.
END
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