VR Education - Partial sale of share and update

RNS Number : 5782Q

Sure Ventures PLC

22 June 2020

 

Sure Ventures plc ('Sure Ventures' or 'the Company')

VR Education-Partial sale of shares and update.

Sure Ventures plc, a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented reality ('AR'), Virtual Reality ('VR'),  Internet of Things ('IoT') and Artificial Intelligence (AI). We are pleased to provide an update on one of its Investments held through its commitment in Sure Valley Ventures Fund ("SVV").

Given the significant progress that VR Education has made and the appreciation in its share price since it listed on AIM in March 2018, SVV has sold 3,362,000 shares realising gross proceeds of £522,422 in order to realise the cost of its original investment.  SVV still believes that the company has significant growth potential and so plans to retain 10,578,580 shares, amounting to a 4.38% shareholding in the company which was worth around £1.82 million at the closing mid-market price on Friday 19 June 2020 of 17.25 pence.  The current share price of VR Education represents some 465% of the original price at which SVV made its investment.

The funds realised from the sale of shares will be distributed to the investors in SVV as is the usual practice when realisations are made, and so Sure Ventures PLC expects to receive around £ 135'000 shortly.  This is the second distribution that Sure Ventures PLC will have received from its investment in SVV since its commitment in the fund, the first being 1.6 million euros relating to the sale of Artomatix in December 2019.

VR Education,  is a leading virtual reality technology company focused on the education and enterprise training space recently announced that HTC Corporation ("HTC") has agreed to invest €3.0 million in the company and enter into a strategic partnership for the distribution and license of the company's ENGAGE platform globally through HTC enterprise sales channels.  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 details about VR Education can be found at  www.vreducationholdings.com.

SURE VALLEY VENTURES FUND

Sure Ventures has a 7m million commitment to Sure Valley Ventures Fund representing an interest of approximately 25.9% of the underlying portfolio companies detailed in this announcement. 

Gareth Burchell-Director Comment "The Strategic investment from HTC both adds validity to the technology that has been so successfully developed by the team at VR Education and accelerates the ability to scale the commercial traction of the ENGAGE platform on a global basis. We would like to congratulate Dave Whelan and the team on what is a major collaboration with a global leader in VR technology and look forward to what the future holds for the business in a post COVID 19 communication environment. The decision to return the initial investment in VR Education to its investors, whilst maintaining a meaningful stake in a company that we believe has a major opportunity to achieve significant growth, is one the board of Sure Ventures supports whole heartedly".  

ENDS

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell	Sure Ventures plc	[phone]

Notes to Editors

Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds.  Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least £400,000 over the next 12 months.  Website: https://www.sureventuresplc.com/

 

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