Business
Subscription and Board Appointment
Subscription and Board Appointment.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \n \n \n Strictly embargoed until: 07.00, 16th May 2022\n \n \n \n \n \n \n B90 Holdings plc\n \n \n (\"B90\", the \"Company\" or \"Group\")\n \n \n \n \n \n \n Subscription to raise £731,000 and Board Appointment\n \n \n \n \n \n \n \n Subscription\n \n \n \n \n \n \n \n \n B90 Holdings plc (AIM: B90), the online marketing and operating company for the gaming industry, is pleased to announce that it has raised £731,000 (before expenses) through a subscription for 12,713,043 new ordinary shares of no par value in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\") by certain existing investors at a price of 5.75 pence per share (the \"Issue Price\") (the \"Subscription\").\n \n \n \n \n \n The Issue Price equals the Company's closing middle market share price on 13 May 2022, being the last practicable business day prior to this announcement. The Subscription Shares represent 5.0% of the Company's existing issued share capital (inclusive of the deferred consideration shares, announced on 13 May 2022). The Subscription is conditional on, inter alia, Admission (as defined below).\n \n \n \n \n \n The proceeds of the Subscription will be utilised for marketing activities and working capital.\n \n \n \n \n \n \n \n \n \n Board Appointment\n \n \n \n \n \n \n \n \n The Company also announces that current Non-Executive Chairman, Karim Peer, has been appointed as the Company's new Executive Chairman with immediate effect. Karim has over 25 years' experience in building and successfully exiting companies\n . F\n ormerly Managing Director of Open Bet, a leading provider of sportsbook, casino gaming and betting shop technology, Karim led the business when it acquired Alphameric plc and oversaw substantial profit growth. He was then part of the team that sold Open Bet to Vitruvian Partners for more than £200m. Karim was also CEO of Financial Objects plc which, under his leadership, was sold in 2008 to a Swiss listed software group, achieving a 90% premium to the then prevailing share price.\n \n \n \n \n \n The Company recognises the need to enhance its board composition, and intends to appoint at least one independent Non-executive director as soon as reasonably practicable. Further announcem...