Immotion Group PLC Result of General Meeting (4819C)
February 10 2020 - 5:28AM
UK Regulatory
TIDMIMMO
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 GBP2.85 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 Adrian Hadden Tel: +44 (0) 207 220 1666
(Nomad and Joint Broker) Darshan Patel
Matthew Chan
Alvarium Capital Partners Alex Davies Tel: +44 (0) 207 195 1458
Limited
Newgate Communications Elisabeth Cowell Tel: +44 (0) 20 3757 6880
(Financial PR) Robin Tozer Immotion@newgatecomms.com
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
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END
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