Genius Group Board Approves $37 Million Spinoff of Entrepreneur Resorts Ltd
January 30 2023 - 07:00AM
Genius Group Limited (NYSE American: GNS) (“Genius Group” or the
“Company”), a leading entrepreneur edtech and education group,
announces today a plan approved by the Board for the spinoff of
subsidiary Entrepreneur Resorts Ltd to create shareholder value.
Entrepreneur Resorts Ltd is a public listed
company on the Seychelles MERJ Stock Exchange (ERL) with a share
price of $2.75 and market cap of $37 million, with 97% of
outstanding shares owned by Genius Group. The company was acquired
in June 2020 in an all-share swap, with shareholders in ERL
receiving shares in Genius Group.
Entrepreneur Resorts Ltd operates a Bali resort,
South Africa safari and co-working cafes in Bali and Singapore. The
process of the spinoff is now underway following approval by the
Board at Genius Group’s Board Meeting on January 18, 2022.
The spinoff will follow the Singapore legal
process of a company restructure and capital reduction, and will be
subject to shareholder approval and possibly a court order. If
approved, it will result in all shareholders of Genius Group
receiving an equal percentage of shares in ERL.
The Board believes the spinoff will be of
benefit to shareholders, as it will streamline and rationalize the
group’s operations into Genius Group Ltd with its Edtech focus, and
Entrepreneur Resorts Ltd, with its hospitality focus, enabling the
management teams of both companies to grow their respective
business models most effectively.
Genius Group CEO, Roger Hamilton, stated “We are
fortunate to already have two public listed companies within the
group, making a spinoff a viable option. While the MERJ exchange
does not have high trading liquidity like the NYSE American, our
future plan is to list Entrepreneur Resorts on a larger
About Genius Group
Genius Group is a world leading entrepreneur
Edtech and education group, with a mission to disrupt the current
education model with a student-centered, life-long learning
curriculum that prepares students with the leadership,
entrepreneurial and life skills to succeed in today’s market. The
group has a group user base of 4.3 million users in 200 countries,
ranging from ages 0 to 100.
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