Business
Proposed Further Investment in SatoshiPay
Proposed Further Investment in SatoshiPay.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \nRNS Number : 2945Y Blue Star Capital plc 02 March 2017 \n\nBlue Star Capital plc\n(\"Blue Star\" or the \"Company\")\n \nProposed Further Investment in SatoshiPay\n \nNotice of General meeting\n \nBlue Star Capital plc (AIM: BLU), the investing company with a focus on technology and its applications within media and gaming, is pleased to announce that it intends to increase its holding in SatoshiPay Ltd (\"SatoshiPay\"), a nanopayment software and blockchain company, to approximately 19.1 per cent. through the acquisition of a further 1,471 ordinary shares of €0.01 each in the capital of SatoshiPay (the \"Acquisition\"). The total consideration for the Acquisition is €500,140 (approximately £425,119) to be satisfied entirely through the issue of 268,213,880 new ordinary shares of 0.01 pence each in the capital of the Company (the \"Consideration Shares\"). Completion of the Acquisition is conditional on the passing of certain resolutions at a General Meeting, notice of which is being posted to shareholders today and which will be available on the Company's website shortly. Further details on the Acquisition are set out below. \nThe General Meeting is to be held at the offices of Cairn Financial Advisers LLP at Cheyne House, Crown Court, 62-63 Cheapside, London, EC2V 6AX on 20 March 2017 at 2 p.m.\n \nBackground and terms of the additional investment in SatoshiPay\nOn 16 January 2017, the Company announced that it had entered into a conditional agreement to subscribe for an amount of €0.64 million in SatoshiPay (the \"Investment\"). The Company announced completion of the Investment on 31 January 2017, having subscribed for 1,886 ordinary shares of €0.01 each in the capital of SatoshiPay (\"SatoshiPay Shares\") at a price of €340 per SatoshiPay Share.\n \nFollowing completion of a fundraise by SatoshiPay of approximately €1.0 million in aggregate (including the Investment), Blue Star has a 10.68 per cent. holding in SatoshiPay, which has a post-new money valuation of approximately €6 million. \n \nOn 1 March 2017, the Company entered into a sale and purchase agreement (\"SPA\") with FastForward Innovations Limited (\"FastForward\") pursuant to which the Company agreed to purchase 1,471 SatoshiPay Shares for a total consideration of €500,140 (approximately £425,119), equivalent to a price o...