Angelfish Investments Plc (“Angelfish” or “the Company”)
Convertible Loan Note Investment
The Directors of Angelfish announce that the Company has agreed to subscribe for 0% fixed rate secured convertible loan notes issued by YBOO Limited (“YBOO”). The principal terms of the notes are as follows:
- The loan is in the amount of £150,000 which will be drawn down in six equal monthly instalments commencing immediately.
- The loan is supported by a charge over the assets of YBOO.
- The loan is repayable no later than three years after drawdown
- Alternatively the loan is convertible into 15% of YBOO on payment of the final instalment or immediately in the event of:
- A further debt fund raise of at least £100,000;
- Any additional equity fund raise;
- Admission of the shares of YBOO to the Official List of the Financial Conduct Authority, the AIM Market, the NEX Exchange or another recognised investment exchange;
- A disposal by YBOO generating proceeds in excess of £2m; or
- A change of control of YBOO
YBOO owns and operates a UK mobile app which enables the customer to know which mobile network and deal is best for them. According to Which? in 2015, UK consumers overpaid by an average of £159. More recent research conducted by The Citizens Advice Bureau, shows 36% of consumers overpay by between £22 and £38 per month, equivalent to between £264 and £456 per year.
The free to use app is supported by complex ‘back end’ systems which translate consumer behaviour and habits into a “meta-model”. This can then be compared to the spectrum of mobile service offers, which are updated to provide real time costs and charges. The customer then receives recommendations on the most suitable deal matched to their own personal usage and behaviour. YBOO will generate revenues from connection bonuses from switching deals and/or network, and the mobile networks from providing access to data and consultancy.
The app is currently live on the Android platform and is in the latter stages of beta testing for iOS. This investment will allow YBOO to trigger its sales and marketing plan to apply the benefits of its app to over 92M subscriptions in the UK.
Early users of the YBOO app have achieved real savings with a recent example seeing a user’s bill reduced by more than £13 per month and an additional 4GB of data compared to their previous contract.
Martyn Gould, CEO of YBOO commented: “I am absolutely delighted to be working with Angelfish who share our passion for solving a real problem for UK consumers. Angelfish have the skills and experience to help us drive YBOO Limited forward over the coming years and their connections to the UK Financial Markets are key to our plans for international expansion”
Richard Walker, director of Angelfish commented: “YBOO presents an exciting opportunity for Angelfish as a seed investor, with a strong management team in place and discussions for key contracts for the next stage of growth well advanced. We look forward to working closely with the YBOO team to provide additional management support over the coming months’’
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of the Company take responsibility for this announcement.
Angelfish Investments Plc +44 (0)7769 591096
Cairn Financial Advisers LLP +44 (0)207 213 0880
NEX Exchange Corporate Adviser
David Coffman / Richard Nash
About Angelfish Investments Plc
The Company’s Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the trading symbol ANGP for its Ordinary Shares and the trading symbol ANGS for its Preference Shares.