On 9 August 2018 Angelfish announced that the Company had agreed to subscribe for 0% fixed rate secured convertible loan notes (“Loan Notes”) issued by Wallet Ads Ltd (“Wallet Ads”).
The principal terms of the Loan Notes were as follows:
– The loan of £150,000 was provided to be drawn down in six monthly instalments, one of £50,000, followed by five equal instalments of £20,000.
– The loan was supported by a full fixed and floating debenture over the assets and undertaking of Wallet Ads.
– The loan was repayable no later than three years after drawdown.
– Alternatively the loan could convert into ordinary shares equivalent to 20% of the enlarged share capital of Wallet Ads.
On 2 January 2019, Angelfish announced that following the final instalment on 31 December 2018, the full amount of the loan was converted into equity representing 20% of the ordinary share capital of Wallet Ads, in accordance with the terms of the loan.
Wallet Ads owns and operates a mobile engagement platform that combines mobile wallet passes (Apple Wallet / Google Pay), HTML5 web and social media (Facebook, Twitter, WhatsApp) technologies to enable brands to deliver digital vouchers or passes direct to consumers’ smartphones.
There is no need for a consumer to register or download an app to engage with the technology which is free to the consumer and self-funding to the brand. The platform is supported by cutting edge and highly complex serverless infrastructure capable of updating up to one million devices per minute.
The service is being launched in conjunction with Printworks Manchester with up to 14 national brands for a three month pilot. Printworks receives over 8 million visitors a year and is part of the Cushman & Wakefield Group which has over 100 shopping and leisure centres under management.
Additional pilot schemes with major transportation hubs and other shopping centres are expected later in the year and Wallet Ads is in discussions with leading payment terminal companies with a view to payment till integration for national brands in 2019.
This investment will allow Wallet Ads to continue to innovate, further develop its platform and build the necessary awareness and credibility in the market for planned rapid expansion in 2019.