Immotion Group (LON:IMMO)

Immotion Group (LON:IMMO)


Share Price
7.75 p
Change
0 (0.00 %)
Market Cap
£19.40 m
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Immotion Group RNS Release

Result of Placing


RNS Number : 1295P
Immotion Group PLC
05 February 2019
 

5 February 2019

Immotion Group plc

("Immotion Group", the "Company")

Result of Placing

 

Immotion Group plc, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, is pleased to announce that it has raised gross proceeds of £3,300,000 as result of the fundraising announced earlier today (the "Fundraising").

 

A total of 45,499,996 new ordinary shares in the capital of the Company ("Ordinary Shares") have been conditionally placed by WH Ireland Limited, Shard Capital Partners LLP and Leander Capital Partners with new and existing investors (the "Placing") at a price of 6 pence per share (the "Issue Price").

 

Additionally, as part of the Fundraising, certain Directors, either directly or through associated entities, and other individuals have entered into conditional agreements to subscribe for, in aggregate, 9,499,998 new Ordinary Shares at the Issue Price (the "Subscription").

 

The Placing and Subscription are subject to shareholder approval. The Issue Price represents a 26% discount to the closing price of 8.1 pence on 4 February 2019 (being the last business day prior to the announcement of the Placing this morning). It is intended that the net proceeds of the Fundraising will be used to accelerate the Company's growth plans.

 

A circular to shareholders will today be published seeking authority to allot equity securities for cash. Copies of the circular, including the notice of general meeting to be held at WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR on 1 March 2019 at 10:00 a.m., will shortly be posted to shareholders and will be available on the Company's website https://immotion.co.uk/.

 

Enquiries:

Immotion Group

Martin Higginson

Tel: +44 (0) 161 235 8505

WH Ireland Limited

(Nomad and Joint Broker)

Adrian Hadden

Jessica Cave

 

Tel: +44 (0) 207 220 1666

Shard Capital Partners LLP

(Joint Broker)

Damon Heath

Erik Woolgar

 

Tel: +44 (0) 207 186 9900

Leander Capital Partners Limited

(Joint Broker)

Alex Davies

Hugh Kingsmill Moore

Tel: +44 (0) 207 195 1458




Newgate Communications (Financial PR)

Elisabeth Cowell

Robin Tozer

Tel: +44 (0) 20 3757 6880

[email protected]

 


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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