21 Feb 2023 11:13
21 February 2023
Immotion Group PLC
("Immotion", the "Company" or the "Group")
Result of General Meeting and Change of Name
Immotion, the UK-based immersive entertainment group, is pleased to announce that both resolutions were passed at its General Meeting held earlier today. Accordingly, the Company's shareholders ("Shareholders") have approved, under AIM Rule 15, the sale of its Location Based Entertainment business ("LBE"), comprised of Immotion Studios Limited, Immotion VR Limited and C.2K Entertainment Inc., to LBE BidCo, Inc. for an enterprise value of $25,211,739, subject to customary final working capital, cash and indebtedness adjustments, on a cash free/debt free basis (the "Disposal"). Furthermore, the Shareholders have approved the change of the company name from Immotion Group PLC to Let's Explore Group PLC.
Details of the number of votes cast for, against and withheld in respect of the resolutions will be published on the Company's website (https://immotion.co.uk/investors).
It is anticipated that the completion of the Disposal and the change of the Company's name will take effect on or around 28 February 2023.
The Company's ISIN will remain GB00BD5JRP64 and the tradeable instrument display mnemonic ("TIDM") of the Company will change from "IMMO" to "LETS". The information required to be disclosed pursuant to AIM Rule 26 of the AIM Rules for Companies can still be accessed at https://immotion.co.uk/investors. A new website address will be provided in due course.
As stated in the circular to Shareholders on 2 February 2023, following the completion of the Disposal, the Company intends to return the majority of the sale proceeds to its shareholders. Further information will be provided shortly after the completion of the Disposal.
Martin Higginson, Group CEO said: "We are pleased to have seen the strong shareholder endorsement of this transaction. We are excited for the future and are making progress both on the return of capital and the process of identifying interesting potential target acquisitions".
Enquiries:
For further information please visit www.immotion.co.uk, or contact:
Immotion Group plc
| Martin Higginson David Marks
| investors@immotion.co.uk |
Cenkos Securities plc (Nomad and Sole Broker)
| Adrian Hadden Camilla Hume Charlie Combe
| Tel + 44 (0) 207 7397 8900 |