Today YOLO Leisure announced a placement of £2.5m from an oversubscribed placement of which £1.4m was invested into Magic Media Works through a secured CLN. Yolo attracted notable interest from institutions and well heeled city investors such as Nigel Wray, rumored to have taken circa £500,000 of the funds raised, giving Yolo a 41% interest in Magic Media Works on a fully diluted basis.
Magic media works Rob Lewis said: “This latest funding secured with YOLO gives Magic Works the opportunity to bring its range of fun and easy to use Electric Jukebox products to music consumers around the world. We have the opportunity to grow the market dramatically as we introduce new audiences to music streaming in the home and open up new markets internationally. Magic Works looks forward to bringing music streaming back into people’s homes and lives with Electric Jukebox.”
Having spoken to YOLO Leisure CEO Simon Robinson this morning I’m left with a great deal of intrigue from the additional tech in which Magic Media holds, for now the near-term value driver and catalyst is the Electric Jukebox product, which is available to market via pre-order and going live soon.
As the market starts waking up to the deal it leaves investors gobbling up stock as today shares have traded approx 35m in the morning session which is 50 x the daily average. We look forward to watching this one develop in the short-medium term as tech stocks feel the sun on their back.