Change of Adviser and Company Update

RNS Number : 5695X
Papillon Holdings PLC
30 April 2019
 

Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector: Investment

30 April 2019

Papillon Holdings Plc ('Papillon' or 'the Company')

Appointment of New Adviser & Completion of £500k Fundraise

 

Papillon Holdings plc, the London listed investment company, is pleased to announce that it has appointed Novum Securities ('Novum') as sole broker and Financial Adviser with immediate effect.  

 

Additionally, further to the announcement dated 21 December 2018, Novum has committed to invest £300k in the Company; this completes the £500k fundraise via the issue of convertible loan notes in the CompanyThe proceeds, which will be drawn down as required, are to be utilised for general corporate purposes as well as being lent to the Company's initial investment, Pace Cloud Ltd ('Pace Cloud').

 

Pace Cloud's underlying business, CarCloud Community (www.carcloudcommunity.co.uk), a fintech company focused on the used car market, continues to perform robustly.  The Company looks forward to updating the market in regard to its proposed initial investment of a 50% interest in Pace Cloud in due course.

 

Papillon is continuing its dialog with submissions to UKLA to allow for finalisation of a Re-Admission Prospectus and will update the market on the process in due course.

 

**ENDS**

 

For further information visit www.papillonholdingsplc.com or contact the following: 

 

Charles Tatnall

Papillon Holdings plc

ctatnall@btinternet.com

07930 445 691

Colin Rowbury

Novum Securities Limited

+44 (0) 20 7399 9427

Isabel de Salis /

Cosima Akerman

 

St Brides Partners Limited

info@stbridespartners.co.uk

+44 (0) 20 7236 1177

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).


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