21 Oct 2021 11:34
21 October 2021
VR Education Holdings PLC
("VRE" or the "Group")
Result of EGM, Change of Name and ENGAGE Update
VR Education Holdings plc (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, is pleased to announce that at its Extraordinary General Meeting ("EGM) held today, all resolutions were duly passed, including the proposed change of Group name to ENGAGE XR Holdings plc.
It is expected that the change will take effect from 4 November 2021, and the Group's ticker for AIM and Euronext Growth will be EXR. The Group's website address (including its investor relations content) is now www.engagexrholdings.com. The Group's ISIN (IE00BG0HDR01) and SEDOL (BFZWBQ8) will remain the same.
The change of name reflects better the strategic focus of the Group, which is to become a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE. ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.
The significant growth in the commercial use of the Group's ENGAGE platform, as reported at the Group's interim results on 14 September 2021, means that ENGAGE revenue comprises 72% of total Group revenue. Since the Group's interim results, ENGAGE has continued to grow, including the recent signing of a contract with one of the world's leading professional services groups to use the platform. Annual ENGAGE revenue compound annual growth rate (CAGR) is in excess of 100%, meaning that one of the Group's medium-term financial targets for 2023-25, announced in January 2021, has already been met for 2021.
David Whelan, CEO, VRE, said: "This is another significant milestone for the Group, as we look to the future, and build on the success of ENGAGE. The change of name will help with our future sales and marketing efforts. Since we published our results, ENGAGE has continued to attract new blue-chip customers from around the world. We are also pleased that we have already hit one of the medium-term financial targets, as annual ENGAGE revenue CAGR exceeds 100%, underlining the positive progress of the Group."
For further information, please contact:
VR Education Holdings plc David Whelan, CEO Séamus Larrissey, CFO Sandra Whelan, COO
| Tel: +353 87 665 6708 contact@vreducationholdings.com |
Cairn Financial Advisers LLP (Nominated Adviser) James Caithie / Liam Murray / Ludovico Lazzaretti
| Tel: +44 (0) 20 7213 0880 |
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar
| Tel: +44 (0) 20 7186 9952 |
Davy (Joint Broker & Euronext Growth Advisor) Barry Murphy / Lauren O'Sullivan / Oisin Morgan
| Tel: +353 1 679 6363 |
SEC Newgate (Financial PR) Elisabeth Cowell / Robin Tozer / Isabelle Smurfit | Tel: +44 (0)7540 106 366 VReducation@secnewgate.co.uk |
The Directors of the Company take responsibility for this announcement. This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
Notes to Editors:
VR Education (AIM: VRE; Euronext Growth: 6VR) is a virtual reality ('VR') technology company focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE, ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.
VRE is listed on AIM in London and on the Enterprise Securities Market, a market regulated by Euronext Dublin. For further information, please visit: www.vreducationholdings.com