Last checked at 4 Aug 2021 07:00
RNS | 4 August 2021 |
Mercia Asset Management PLC
("Mercia", "the Group" or the "Company")
nDreams appoints new Non-executive Chair
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£940million of assets under management, is pleased to note the appointment of Frank Sagnier as Non-executive Chair of portfolio company nDreams Limited ("nDreams").
Frank Sagnier's career in the video games industry spans more than 25 years, having most recently retired from Codemasters Group Holdings plc ("Codemasters") following its acquisition by Electronic Arts Inc. ("EA") for c.$1.2billion. He joined the games developer and publisher in 2014 as Chief Executive Officer and was instrumental in its successful AIM IPO, growth and subsequent sale to EA.
nDreams is a leading developer and publisher of virtual reality ("VR") games including Phantom: Covert Ops for Oculus headsets and the highly anticipated Fracked for PlayStation VR, that will be launched globally on 20th August 2021. nDreams has also collaborated with Ubisoft and Zero Latency VR on development of the free-roam arcade experience Far Cry VR: Dive into Insanity, that can be experienced worldwide at Zero Latency venues. Further developments include nDreams' move into third-party publishing and the recent announcement of a second fully remote studio, nDreams Studio Orbital, which will focus on developing live service games for VR. Mercia holds a 35.4% fully diluted direct investment stake with a further 4.0% fully diluted stake held by Mercia's managed funds.
Frank Sagnier, Non-executive Chair of nDreams, said: "I am delighted to join nDreams' board to help the company achieve its mission to become a world-leading developer and publisher of VR games. Over the past few years, Patrick has built a reputable studio with highly-talented teams delivering high-quality games. The fast-improving hardware together with immersive and innovative player experiences, means that the VR market is bound to see significant growth and exciting times ahead."
Patrick O'Luanaigh, CEO and founder of nDreams, said: "I'm delighted to welcome Frank to nDreams' board. I've known Frank since he was building up EA Partners and I am certain that his experience, passion and drive will push us forward as we head towards some very ambitious goals. Frank's energy and wisdom will be significant assets, and the management team and I are excited to work with him."
Julian Viggars, Chief Investment Officer of Mercia, said: "As Mercia's representative on the board of nDreams, I am increasingly excited about the growing appetite for VR technology, alongside the broader momentum being seen in the video games industry. nDreams has seen its revenue grow by 30% this financial year and has a number of titles under development, plus a strong pipeline of future projects. Patrick and his team have built one of the leading VR studios and Frank is the ideal chair to help guide nDreams through its ambitious next phase. His games industry experience and track record makes him best placed to support Patrick and the team to continue to drive growth and deliver on their strategic objectives, whilst maintaining nDreams' reputation for content quality and delivery."
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For further information, please contact:
Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk
| +44 (0)330 223 1430
|
Canaccord Genuity Limited (NOMAD and Joint Broker) | +44 (0)20 7523 8000 |
Simon Bridges, Emma Gabriel | |
N+1 Singer (Joint Broker) | +44 (0)20 7496 3000 |
Harry Gooden, James Moat | |
FTI Consulting | +44 (0)20 3727 1051 |
Tom Blackwell, Louisa Feltes, Shiv Talwar | |
mercia@fticonsulting.com |
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£940million of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
About nDreams
nDreams Ltd. (www.ndreams.com) is an award-winning virtual reality developer and publisher, with a proven track record in creating commercially successful and memorable experiences for leading VR platforms, including the award-winning Phantom: Covert Ops. nDreams is an approved developer partner with Sony PlayStation, Oculus, HTC, Microsoft HoloLens, Google and Samsung.