Result of Extraordinary General Meeting

RNS Number : 7032P

VR Education Holdings PLC

11 June 2020

 

For immediate release

11 June 2020

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

VR Education Holdings plc

('VR Education' or the 'Company')

Result of Extraordinary General Meeting

and

Admission of Subscription Shares

VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company focused on the education and enterprise training space, announces that, at the Extraordinary General Meeting of the Company held earlier today, all resolutions set out in the Circular dated 19 May 2020 were duly passed.

The results of the voting will be available shortly on the Company's investor relations website: https://immersivevreducation.com/investors.

Accordingly, following the announcement of 20 May 2020 notifying that HTC Corporation ('HTC') had agreed to invest €3.0 million in the Company (the 'Subscription'), the Admission of 48,284,102 Subscription Shares to trading on the London Stock Exchange's AIM and Euronext Growth, for which application has been made, is expected to occur at 8.00 a.m. on Friday, 12 June 2020.

Highlights:

· Issue of 48,284,102 Subscription Shares at an Issue Price of 5.47 pence per Subscription Share;

· The Enlarged Issued Share Capital of the Company will be 241,420,508 Ordinary Shares with the Subscription Shares representing c.20 per cent. of the Enlarged Issued Share Capital;

· Gross proceeds of the Subscription are €3.0 million (£2.64 million) with net proceeds after expenses being approximately €2.93 million (£2.58 million);

· Proceeds of the Subscription will be used to further develop and enhance the Company's ENGAGE platform and build its sales and marketing capability, as well as the production of additional showcase experiences to support the uptake of the ENGAGE platform; and

· Praveen Gupta, Vice President - Corporate Investments and Development, HTC, will join the Board of VR Education as a non-executive director of the Company.  A further announcement in relation to his appointment will be made in due course.

HTC's investment follows the success of the 2020 HTC VIVE Ecosystem Conference which was hosted on the Company's ENGAGE platform in March 2020. Further to the announcement of 20 May 2020, HTC and the Company have entered into a strategic partnership for the distribution and license of the Company's ENGAGE platform globally through HTC enterprise sales channels.

Total Voting Rights

Following Admission, the Company will have in issue 241,420,508 ordinary shares with voting rights. The above figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules. There are no shares held in treasury. 

Capitalised terms used in this announcement have the meaning ascribed to them in the announcement of 20 May 2020 unless the context requires otherwise.

- Ends -

For further information, please contact:

VR Education Holdings plc Richard Cooper, Chairman David Whelan, CEO Sandra Whelan, COO	Tel: [phone] [e-mail]
Cairn Financial Advisers LLP (Nominated Adviser) James Caithie / Liam Murray / Ludovico Lazzaretti	Tel: [phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar	Tel: [phone]
Davy (Joint Broker & Euronext Growth Advisor) Fergal Meegan / Ronan Veale / Barry Murphy	Tel: [phone]
Buchanan (Financial PR) Henry Harrison-Topham / Chris Lane / Tilly Abraham	Tel: [phone] [e-mail]

Notes to Editors

VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences.  The Group's core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.

In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and the Titanic VR experience.

On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Enterprise Securities Market, a market regulated by Euronext Dublin.  For further information, please visit www.vreducationholdings.com .

 

END

 

 

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