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YOLO Leisure & Technology Raises GBP300,000, Invests In Sparkledun (ALLISS)

LONDON (Alliance News) - YOLO Leisure & Technology PLC on Tuesday said it has raised GBP300,000 ...

Alliance News 5 February, 2019 | 11:12AM
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LONDON (Alliance News) - YOLO Leisure & Technology PLC on Tuesday said it has raised GBP300,000 through a share placing and will invest a third of it in Sparkledun Ltd.

The investment firm issued 8.0 million shares at a price of 3.75 pence each, representing an 11% premium to the mid-market closing price on Monday.

The stock was trading 3.6% higher on Tuesday at 3.50 pence a share, giving YOLO a market capitalisation of approximately GBP1.5 million.

In addition, YOLO intends to acquire a 3.4% stake in telecoms firm Sparkledun for GBP100,000.

Sparkledun, through its trading subsidiary Fast to Fibre Ltd, has developed a technology utilising a "unique" patented process for the extraction of the inner core of telecoms and power cables.

Fast to Fibre commercial proposition is to reduce the cost of fibre optic deployment particularly in difficult to access areas such as urban and city centres, YOLO said.

"The Fast to Fibre solution provides benefits to both consumers who have growing demand for faster internet speeds and governments and telco's around the world looking to fulfil this demand cost effectively and innovatively," said YOLO Chief Executive Simon Robinson.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
YOLO Leisure and Technology PLC 14.00 GBX 0.00 -

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