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Immotion Group PLC - Result of General Meeting

RNS Number : 4819C
Immotion Group PLC
10 February 2020
 

 

Immotion Group plc

 

("Immotion Group", the "Company" or "the Group")

 

Result of General Meeting

 

Immotion Group plc, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, is pleased to announce at its General Meeting held earlier today all resolutions were duly passed.

 

Accordingly the Company has today authorised the issue of 39,310,339 new ordinary shares (the "New Ordinary Shares") at an Issue Price of 7.25 pence raising gross proceeds of £2.85 million through a placing (the "Placing") with institutional and other investors.

 

The full details of the Placing are set out in the announcement dated 23 January 2020.

 

Admission to Trading on AIM

 

Further to the announcement on 23 January 2020, application for admission to trading of the New Ordinary Shares has been made and it is anticipated that Admission will take place on 12 February 2020 ("Admission"). The New Ordinary Shares will rank pari passu with the Existing Ordinary Shares.

 

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the Placing, its issued share capital will comprise 325,475,883 Ordinary Shares upon Admission. All of these Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in treasury. The total number of voting rights in the Company will therefore be 325,475,883 upon Admission.

 

Unless otherwise defined, terms used in this announcement shall have the same meanings as those defined in the announcement dated 23 January 2020.

 

Martin Higginson, CEO of Immotion Group, said:

 

"We are thrilled to have seen such demand for the recent placing, a testament to our business model. We always knew on the back of increased interest there may be the need to raise more capital. The recent deal with MGM at their Shark Reef aquarium in Las Vegas, combined with increased demand across our Partner base, along with this successful placing, means we are well positioned to continue the rapid expansion of our Partner focused business model.

 

This capital raise is very much focused on expansion capital, allowing us to install integrated solutions into key partners. Our simple business model makes it easy for both Partners and Investors, allowing us to move rapidly and gain dominance in this evolving marketplace."

 

Immotion Group

Martin Higginson

Tel: +44 (0) 161 235 8505

WH Ireland Limited

(Nomad and Joint Broker)

Adrian Hadden

Darshan Patel

Matthew Chan

 

Tel: +44 (0) 207 220 1666

Alvarium Capital Partners Limited

Alex Davies

Tel: +44 (0) 207 195 1458

Newgate Communications (Financial PR)

Elisabeth Cowell

Robin Tozer

 

Tel: +44 (0) 20 3757 6880

[email protected]

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Immotion Group

Price: 3.625

Market: AIM
Market Cap: £11.8 m
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