Last checked at 20 Nov 2019 07:00
RNS REACH | 20 November 2019 |
Mercia Asset Management PLC
("Mercia")
nDreams makes continuing significant commercial progress
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager, is pleased to announce that its direct portfolio company, nDreams Limited ("nDreams"), is continuing to make significant commercial progress with the signing of a new contract to create virtual reality ("VR") content for a leading global company.
nDreams is now recognised as being at the forefront of global VR game development and publishing. Mercia has supported the business since 2014 and currently holds a 44.6% (fully diluted 37.1%) direct stake in the company.
The new contract is for the VR at home market and follows the announcement of nDreams' latest title, Phantom: Covert Ops, which the company is developing in partnership with Oculus Studios.
The reception for Phantom: Covert Ops, which was on show at this year's E3 Expo in Los Angeles, has been outstanding and resulted in the team winning E3's Game Critics Award for 'Best VR/AR Game', as well as six other award wins including Game Informer's 'Best VR Game'.
Patrick O'Luanaigh, CEO and founder of nDreams, said: "nDreams continues to grow at an exciting pace and this new contract is testament to the hard work of the talented studio team we are continuing to build. Phantom: Covert Ops has had an incredible reception so far and we're looking forward to revealing more on this - and all our upcoming projects - in the coming months."
Julian Viggars, Chief Investment Officer of Mercia Asset Management PLC, said: "Run by an industry leading management team that has worked for many of the biggest gaming companies in the world, nDreams is on an exciting growth trajectory. With new hardware releases, such as the Oculus Quest headset and Valve Index, and the ever-increasing quality of content, interest in the VR market continues to gather momentum. nDreams' focus on building high-quality content alongside technical innovation is increasingly being recognised by the gaming industry and its accelerating commercial progress is thoroughly well deserved."
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For further information, please contact:
Mercia Asset Management PLC | +44 (0)330 223 1430 |
Mark Payton, Chief Executive Officer |
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Martin Glanfield, Chief Financial Officer |
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www.mercia.co.uk |
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Canaccord Genuity Limited (NOMAD and Joint Broker) | +44 (0)20 7523 8000 |
Simon Bridges, David Tyrrell |
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N+1 Singer (Joint Broker) |
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Harry Gooden, James Moat | +44 (0)20 7496 3000 |
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Buchanan Communications | +44 (0)20 7466 5000 |
Chris Lane, Vicky Hayns, Stephanie Watson |
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www.buchanan.uk.com |
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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 Capital Solution'. 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 regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has over £500million of assets under management and, since its IPO in December 2014, has invested over £84million across its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic "MERC".