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    6VR   IE00BG0HDR01

VR EDUCATION HOLDINGS PLC

(6VR)
  Report
Real-time Quote. Real-time Irish Stock Exchange - 10/22 08:45:24 am
0.21 EUR   -8.70%
10/15VR EDUCATION : AIM Rule 17 Schedule 2(g) Update
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10/01VR Education Announces Board Changes
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09/24VR EDUCATION : Posting of Circular and Notice of EGM
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VR Education : Posting of Circular and Notice of EGM

09/24/2021 | 08:52am EDT

VR Education Holdings plc (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, announces that it has posted a circular to shareholders (the "Circular") together with a Notice of Extraordinary General Meeting ("EGM").

The Circular

The purpose of the Circular is to convene an EGM of the Group for the purposes of considering a proposal to change the name of the Group and to amend the constitution of the Company (the "Constitution") to reflect the new name.

As a result, and subject to shareholder approval and the consent of the Registrar of Companies, it is proposed to change the name of the Group to "ENGAGE XR Holdings plc" and amend the Constitution to reflect the new name.

A copy of the Circular is available to download from the Group's website at: https://immersivevreducation.com/investors

Rationale for proposed change of name to "ENGAGE XR Holdings plc"

VRE has decided to propose the change of name to reflect better the strategic focus of the Group, which is to become a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE.

ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.

The significant growth in the commercial use of the Group's ENGAGE platform, as reported at the Group's interim results on 14 September 2021, means that ENGAGE revenue comprises 72% of total Group revenue. While VRE sells Showcase Experiences on various VR platforms which perform well, the Group's ENGAGE platform revenue now dominates.

Furthermore, the planned development of a new fully featured corporate metaverse, codenamed "ENGAGE Oasis", with the launch expected in the first half of 2022, will entrench this shift. Therefore, the Board believes that bringing the Group's name in line with its primary product will support its sales and marketing efforts.

EGM

These amendments require the approval of the Shareholders of the Company by means of a special resolution. Subject to the passing of the above-mentioned resolution, the Constitution will be amended accordingly to reflect the changes.

The EGM will be held at Unit 9, Cleaboy Business Park, Waterford, Ireland on 21 October 2021 at 11:00 a.m.

In light of the ongoing impact of the COVID-19 pandemic and related public health guidance, the Company encourages shareholders to submit their Forms of Proxy to ensure they can vote and be represented at the EGM without the need to attend in person. This can be done in advance of the EGM by availing of one of the ways you can appoint a proxy set out in these notes. Please note the deadlines for receipt of the proxy appointment for it to be valid. By submitting a Form of Proxy in favour of the chairman of the EGM (or their substitute(s)) you will be able to ensure that your vote on the proposed resolutions is cast at the EGM in accordance with your wishes without attending in person.

The Company is closely monitoring the situation and the measures advised by the Government of Ireland in relation to the ongoing COVID-19 pandemic and will endeavour to take all recommended actions into account in the conduct of the EGM. The EGM will be convened with the minimum necessary quorum of two shareholders present in order to conduct the business of the meeting.

For further information, please contact:

VR Education Holdings plc

David Whelan, CEO

Séamus Larrissey, CFO

Sandra Whelan, COO

Tel: +353 87 665 6708

[email protected]

Cairn Financial Advisers LLP (Nominated Adviser)

James Caithie / Liam Murray / Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880

Shard Capital Partners LLP (Joint Broker)

Damon Heath / Erik Woolgar

Tel: +44 (0) 20 7186 9952

Davy (Joint Broker & Euronext Growth Advisor)

Barry Murphy / Lauren O'Sullivan / Oisin Morgan

Tel: +353 1 679 6363

SEC Newgate (Financial PR)

Elisabeth Cowell / Robin Tozer / Isabelle Smurfit

Tel: +44 (0)7540 106 366

[email protected]

Notes to Editors:

VR Education (AIM: VRE; Euronext Growth: 6VR) is a virtual reality ('VR') technology company focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE, ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.

VRE is listed on AIM in London and on the Enterprise Securities Market, a market regulated by Euronext Dublin. For further information, please visit: www.vreducationholdings.com

Disclaimer

VR Education Holdings plc published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 12:51:03 UTC.


ę Publicnow 2021
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Financials
Sales 2021 2,40 M 2,78 M 2,78 M
Net income 2021 -1,90 M -2,20 M -2,20 M
Net cash 2021 7,57 M 8,78 M 8,78 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 60,9 M 70,7 M 70,7 M
EV / Sales 2021 22,2x
EV / Sales 2022 11,7x
Nbr of Employees 37
Free-Float 36,8%
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Managers and Directors
David Patrick Whelan Chief Executive Officer & Executive Director
SÚamus Patrick Larrissey Chief Financial Officer, Secretary & Director
Richard Quentin Mortimer Cooper Non-Executive Chairman
Sandra Margaret Whelan Chief Operating Officer & Executive Director
Praveen Gupta Independent Non-Executive Director
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