Immotion Group PLC Result of Placing (1514M)
May 06 2020 - 7:34AM
UK Regulatory
TIDMIMMO
RNS Number : 1514M
Immotion Group PLC
06 May 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE
RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH
THE SAME WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY,
SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE
UNLAWFUL, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR
THE REPUBLIC OF SOUTH AFRICA. NEITHER THIS ANNOUNCEMENT NOR
ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED
UPON IN CONNECTION WITH, ANY SUCH OFFER, SOLICITATION OR COMMITMENT
WHATSOEVER IN ANY OF THOSE JURISDICTIONS.
Immotion Group plc
("Immotion Group", "Immotion", the "Company" or the "Group")
Result of Placing
Immotion Group, the UK-based immersive virtual reality
out-of-home entertainment group, is pleased to announce that it has
raised gross proceeds of approximately GBP1.35 million as result of
the fundraising announced earlier today (the "Placing").
A total of 54,062,200 Placing Shares in the Company have been
conditionally placed by WH Ireland Limited and Alvarium Capital
Partners Limited (the "Brokers") with new and existing investors at
a price of 2.5 pence per share (the "Issue Price").
Application has been made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM and it is
anticipated that dealings in the Placing Shares will commence on
AIM at 8.00 a.m. on 27 May 2020 ("Admission"). The Placing Shares
will represent approximately 14.2 per cent. of the Company's issued
share capital following completion of the Placing ("Enlarged Share
Capital"). The Issue Price represents a discount of approximately
28.6 per cent. to the closing mid-market price of Immotion's
existing ordinary shares of 3.5 pence on 5 May 2020 (being the last
business day prior to the announcement of the Placing earlier
today).
The Placing is subject upon, inter alia, shareholder approval,
Admission becoming effective and the Placing Agreement becoming
unconditional and not being terminated in accordance with its
terms.
The Company expects to publish a circular in connection with the
Placing, in due course, which will contain a notice convening the
General Meeting in order to approve certain matters necessary to
implement the Fundraising.
A copy of the Circular will be made available on the Company's
website https://immotion.co.uk /investors
The Circular sets out arrangements for the General Meeting in
light of the current British Government restrictions placed on
public gatherings in response to the COVID-19 outbreak. Under the
current prohibition on non-essential travel and public gatherings,
it will not be possible for Shareholders to attend the General
Meeting in person. Shareholders are strongly urged to vote by proxy
in advance of the deadline by completing their form of proxy in
accordance with the instructions and further details are set out in
the Circular and the form of proxy. The General Meeting is expected
to be convened for 10.00 a.m. on 22 May 2020, with the minimum
necessary quorum of two shareholders (which will be facilitated by
Immotion) and will take place at 2-4 Henry Street, Bath, England,
BA1 1JT.
Should Shareholders wish to ask any questions in relation to the
Placing or the Resolutions, which they may otherwise have asked at
the General Meeting had they been in attendance, they are
encouraged to contact the Company prior to the General Meeting by
email to investors@immotion.co.uk . We will consider all questions
received and, if appropriate, provide a written response or publish
answers on our website ( https://immotion.co.uk/investors ) as soon
as practical to do so following the completion of the General
Meeting. Any questions should be submitted via email by 10.00 a.m.
on 20 May 2020.
The actions that Shareholders should take to vote on the
Resolutions will be set out in the Circular to be posted in due
course, along with the recommendations of the Directors.
Following Admission, the Company's issued and fully paid share
capital will consist of 379,538,083 Ordinary Shares, all of which
carry one voting right per share. The Company does not hold any
Ordinary Shares in treasury. The figure of 379,538,083 Ordinary
Shares may be used by shareholders as the denominator for the
calculation by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority.
Capitalised terms used but not defined in this announcement have
the meanings given to them in the Company's announcement released
earlier today in respect of the Placing unless the context provides
otherwise.
Enquiries:
Immotion Group Martin Higginson Tel: +44 (0) 161 235
8505
WH Ireland Limited Corporate Finance: Tel: +44 (0) 207 220
(Nomad and Joint Broker) Adrian Hadden 1666
Darshan Patel
Matthew Chan
Sales / Corporate
Broking:
Jasper Berry
Hayley Richardson
David Kilbourn
Alvarium Capital Partners Alex Davies Tel: +44 (0) 207 195
Limited 1458
(Joint Broker)
Shard Capital Partners Damon Heath Tel: +44 (0) 207 186
Limited Erik Woolgar 9900
(Joint Broker)
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 rns@lseg.com or visit www.rns.com.
END
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