Angelfish Investments plc
LSE : ANGP

June 16, 2014 05:09 ET

Update-Investment in OneMedia Enterprises Limited

16 June 2014
                                                        
                                            Angelfish Investments Plc
                                                        
                                         ("Angelfish" or "the Company")
                                                        
                           Update - Investment in OneMedia Enterprises Limited ("OME")


The  Company  announces  that  it  has  varied  the terms of the Subscription  Agreement  dated  30  April  2013
("Subscription Agreement") with OME by providing OME with the balance of funding to be provided under Tranche  2
Convertible  Loan Note of US$150,000 (see below) in advance of a legally binding contract being  signed  with  a
customer.

OME  is  a company focused on the exploitation of private label, purpose-built tablets and other mobile  devices
and associated software technology solutions.

OME  continues to make good progress, albeit slower than originally envisaged. OME has received two orders  from
two  large companies which OME is treating each as a first "test" order. OME management expect this to  lead  to
further more significant follow on orders from these client companies in the near future.

The  customer  relationship milestones that were originally envisaged by OME and Angelfish in  the  Subscription
Agreement  has  not resulted in the simple stages of development from Letter of Intent to Contract  to  Purchase
Order progress.

The  Board of Angelfish accept that these orders confirm OME's business model and ongoing strategy. In  addition
OME  has  built  up  a  strong  network  of  current and potential  customer  relationships  together  with  the
manufacturing, logistics and after sales support partnerships necessary to market OME tablets and  other  mobile
devices.

Angelfish is advised that this next tranche of funding will provide the working capital required to complete  on
the above orders for delivery. In addition OME is in advanced discussions to supply existing customers and other
large  companies. These discussions have been ongoing for some time and OME and Angelfish believe  this  funding
advanced will provide OME with the springboard to complete on one or more of these opportunities. Angelfish will
make a further announcement in this respect when appropriate.


Background

The Company announced on 21 January 2013 that:-

    (1) it had made an initial investment of US$50,000 into OME by way of a Convertible Loan Note ("CLN") and
    (2) that the Company had entered into a Memorandum of Understanding ("MOU") with OME

The  MOU  contemplated that, subject to the satisfaction of certain conditions, the Company  would  provide  OME
funding by way of as set out below:-

----------------------------------------------------------------------------------------------------------------
Investment      Amount of CLN            Milestone
Tranche         
----------------------------------------------------------------------------------------------------------------
1               US$100,000               OME  entering  into a memorandum of understanding  for  it  to  supply
                                         computer tablets to third parties
----------------------------------------------------------------------------------------------------------------
2               US$150,000               OME  entering  into  a  legally binding contract  for  the  supply  of
                                         computer tablets to third parties
----------------------------------------------------------------------------------------------------------------
3               US$200,000               OME  signing  a purchase order for the supply of computer  tablets  by
                                         OME
----------------------------------------------------------------------------------------------------------------

The  MOU provided that the aggregate investment of US$500,000 would convert into an amount representing  20  per
cent. ("Relevant Percentage") of OME's enlarged share capital.

Subsequent to making the Tranche 3 investment of US$200,000 the Company will be granted an option to acquire the
share  capital of OME not already owned by Angelfish, such option exercisable for a period of 6 months following
the Tranche 3 investment.

On 6 June 2013 the Company announced that it had made the Tranche 1 investment of US$100,000.

On  23 August 2013 the Company announced that it had provided an additional investment into OME (outside of  the
MOU  framework)  of  US$60,000.  OME agreed that the Relevant Percentage referred to in the MOU  detailed  above
would increase to 29.9 per cent.

Furthermore,  on  23  August  2013  the Company announced that the MOU had been  superseded  by  a  subscription
agreement dated 30 April 2013.



The directors of the Company take responsibility for this announcement.



Enquires:

Angelfish Investments Plc                                
Andrew Flitcroft                                         +44 (0)7769 591096
Finance Director                                         

ISDX Corporate Adviser                                   
Cairn Financial Advisers LLP                             
Liam Murray/Carolyn Sansom                               +44 (0)207 148 7900
                                                         
Broker                                                   
SVS Securities Plc                                       
Kulvir Virk                                              +44 (0)203 700 0100
                                                         


About Angelfish Investments plc

The Company's Ordinary Shares are admitted to trading on the ISDX Growth Market in London. The Company has the
ISDX trading symbol ANGP.

Contact Information

  • Angelfish Investments plc