Yolo Leisure investee firm completes major funding round

Yolo Leisure and Technology updated the market on “significant developments” at its investee home entertainment technology company Magic Media Works on Monday.

The AIM-traded firm said Magic had successfully completed a major new pre-IPO round of funding, with the company now able to launch a new version of its core product and enter the North American market.

Full participation in the Magic funding round by Yolo was confirmed, with the simultaneous conversion by Yolo of existing Magic Convertible Loan Notes.

Yolo was now now a 41.43% shareholder in Magic, the board said.

“The closing of this pre-IPO funding round by Magic represents a significant milestone for the company,” said Yolo CEO Simon Robinson.

“Our decision to subscribe in this funding round and to convert Yolo's existing convertible loan notes in the company into a major equity holding, clearly demonstrates the board's growing belief that our investment into Magic is now poised to deliver material and measurable near-term returns for Yolo shareholders.

“I am also pleased to report that Yolo's other investee companies are also performing well, and shareholders can expect news in this respect shortly.”