How to Invest in Paddy Power’s New Start-up ASX
Paddy Power is a name that is very familiar in business and gambling circles from his many years as Head of Communications for Paddy Power plc., later to be named Paddy Power Betfair, and eventually Flutter plc.
Flutter plc is now a FTSE 100 company, meaning it is in the top 100 publicly quoted companies in the UK. It has a market capitalisation of £27 billion – which is bigger than Ryanair, Bank of Ireland and AIB Bank combined!
After 25 very successful years at the company, Paddy Power has now set up his own venture and, unsurprisingly, has assembled a highly impressive team to work with him on this.
New Venture – ASX
His new venture is called ASX and it is a ‘Virtual stock market’ which will allow users to buy shares in players and teams based on expected performance.
ASX launched an equity crowdfunding campaign on the Spark Crowdfunding platform on 7th May 2021 to raise €500,000. The campaign was due to run for 30 days but ended after just 24 hours, at which point over €600,000 had been raised from 206 investors for an average investment amount of €3,068.
Many investors were disappointed to have missed out on this opportunity to invest.
Another Opportunity to Invest
Although ASX requires no further funding at this time, the company has decided to offer an additional allocation of between €500,000 and €1m to investors who would like to invest at this time.
Unlike the first campaign that completed on 8th May, there is no fixed share price being put on the shares for this new campaign. Instead, investments today will be converted into shares at a 25% discount to the share price when ASX does its next major fundraising exercise, which is expected to be in 12-18 months.
For example, if the ASX share price at the next fundraising is €4, investors who invest at this time will have their investment today converted into ASX shares at a price of €3 at the time of the next fundraising. A 25% discount equates to a 33% return on your investment. In other words, if you buy €1,000 worth of shares today, these shares will be valued at €1,333 at the time of the next fundraising.
Paddy Power is personally investing €50,000 in this second campaign.
Campaign is Live and Open for Investment
The campaign is now open for investment and you can watch the campaign video (and invest) here.
The campaign opened on 23rd May and within 12 hours had already raised over €500,000. The campaign will close if a maximum of €1m is reached or within 30 days.
ASX is an EIIS qualifying company, which means investors can recover 40% of the value of their investment in the form of a tax rebate, when their investment is converted into shares. For example, an investment of €1,000 would receive a Tax Rebate of €400 (Irish taxpayers only).
The minimum investment is just €100. Investors pay no commission on their investments with Spark Crowdfunding.
How to Invest
This investment opportunity is exclusive to members of the Spark Crowdfunding platform. It takes less than 3 minutes to open an account and registration is free. Click here to register.
Investments below €5,000 may be made by Debit/Credit Card. For amounts in excess of €5,000 investors will be sent a unique IBAN code. All payments are handled by Stripe.
Please contact Chris Burge at chris@sparkcrowdfunding.com if you have any questions. We’d love to hear from you.