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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
Good news. Let's hope for some interesting updates soon..
Strange that the SP is holding at 17.50p as theres been quite a bit of selling since 10am but its held firm. Even that 100k sell didnt affect it..
Couple of statement that make this partnership exciting. Having the VP sit as a non exec on the board. The strategic sales channels through HTC. Really exciting!