YOLO investee Magic Media Works raises £0.9m for TV ad campaign

5th Dec 2018 09:39

(Sharecast News) - Technology, media and leisure investor YOLO Leisure and Technology announced on Wednesday that its investee company Magic Media Works has completed a funding round to raise an additional £0.9m of equity, to enable it to launch its television campaign for the 'ROXI' home music entertainment product.The AIM-traded firm said post the investment round, it would hold 15.8% of Magic Media's issued share capital.It said the largest investor in the round was private investor and Saracens Rugby Club owner Nigel Wray, who was also the largest investor in YOLO.Magic Media's founder-chief executive officer Rob Lewis, the previous chief financial officer of Pandora Jewellery Henrik Holmark, and Endeavour Ventures also participated in the round.Following the closure of this investment, Magic Media's forthcoming television campaign would be running on more than 40 UK television channels in December, including ITV2, ITV3, ITVBe, Film4, SyFy, GOLD, National Geographic, 5Select, 5USA, Fox and Talking Pictures."We are seeing strong demand for the ROXI home entertainment product, particularly from consumers in the older and family demographic, and sales have been ahead of budget in the television campaigns," said Magic Media CEO Rob Lewis.As part of the round, all of Magic Media's pre-IPO loan note holders and the majority of other loan note holders had agreed to extend the longstop date for repayment to 19 November 2023, and to waive their rights to the historic and future interest payments due on the loan notes.In addition to its equity stake, YOLO held £0.5m of the Magic Media pre-IPO loan notes."This significant investment by Nigel Wray, existing and new investors demonstrates strong belief in the ROXI entertainment product, its marketing strategy and potential," commented YOLO Leisure chief executive officer Simon Robinson."Following equally positive recent announcements by two of our other portfolio companies, TVPlayer and Simplestream, the board believes that YOLO is well positioned for future growth."