CEO Reaffirms Commitment to Company With $1m Investment
Perth, Dec 31, 2015 AEST (ABN Newswire) - Yonder and Beyond (
ASX:YNB) CEO, Mr Shashi Fernando, has reaffirmed his commitment to the Company, with confirmation he has provided a $1m draw down facility via Convertible Note.
Highlights:
- CEO Shashi Fernando to provide $1m in funding via Convertible Note
- Provides Company with funding to further advance investments, all of which have now launched and in growth phase
- Convertible Note removes dilution risk to existing shareholders, which would have occurred if equity raising occurred at this time
Funds from the Convertible note will be used for working capital and to assist in advancing the various investments of the Company - all of which are entering significant growth phases. Funds may also be used for further investments, should they be deemed value accretive to the group. "The Y&B group of companies have had a solid year in 2015 and are looking to build on that in 2016.
We are extremely proud of our start ups, and they have developed and launched great products and look to grow their deployment and revenues in the next 12 months," Mr Fernando said. The key terms of the Convertible Note are: - 0% interest rate - Expires 6 months from date of issue (31 December 2015) - Draw down (part or in full) can occur at any time at the election of the Company - Conversion price equal to next equity raise conducted by YNB, or should an equity raise not occur within next six months conversion price will be equal to a 20% discount to the 5 day Volume Weighted Average share price
The Directors of Yonder and Beyond believe this issue of Convertible Notes is in the best interests of Shareholders, and thank Shashi Fernando for his support of the issue.
Conversion of the Convertible Notes will be subject to shareholder approval, which will be sought at the next available opportunity, however the full funds are available to the Company now.
About Yonder & Beyond Group Ltd
Yonder & Beyond Group Ltd (Y&B) (ASX:YNB) is a portfolio of synergistic technology assets with a focus on mobile businesses. These include Gophr, Boppl, Prism Digital, PlayMeet and MeU Mobile. Yonder & Beyond's strategy is to identify and develop disruptive applications with high commercialisation and scalability potential.
Yonder & Beyond equip startups with vital capabilities beyond capital. Our philosophy is to invest in people, as well as invest in their business, so they can both grow and succeed. We are dedicated to contributing to the development of businesses through our resources, experience and relationships.
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