Investor deep dive
Immotion revenue growth accelerates on rising demand for virtual reality products
Result of Placing
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/.
Tel: +44 (0) 161 235 8505
WH Ireland Limited
(Nomad and Joint Broker)
Tel: +44 (0) 207 220 1666
Shard Capital Partners LLP
Tel: +44 (0) 207 186 9900
Leander Capital Partners Limited
Hugh Kingsmill Moore
Tel: +44 (0) 207 195 1458
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Newgate Communications (Financial PR)
Tel: +44 (0) 20 3757 6880
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Quick facts: Immotion Group
Market Cap: £19.98 m
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