Mercia Asset Management PLC nDreams receives significant new investment (3047G)
29 Marzo 2022 - 12:00AM
UK Regulatory
TIDMMERC
RNS Number : 3047G
Mercia Asset Management PLC
29 March 2022
RNS 29 March 2022
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
nDreams receives significant new third-party investment
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager with c.GBP948million of
assets under management, is pleased to announce completion of a
GBP20.1million third-party investment round into nDreams Limited
("nDreams"), currently the Group's largest direct investment by
fair value.
The investment comes from Aonic AB ("Aonic"), a Stockholm-based
video game investor. Aonic champions high-potential game studios by
supporting them with the specialist technology and infrastructure
needed to achieve their full potential, while enabling them to
maintain their independent identity and creative freedom.
Following this investment round, Mercia now holds a 33.2% fully
diluted direct investment stake in nDreams valued at
GBP25.8million, an increase of GBP8.1million from its 30 September
2021 carrying value, which will have a consequential positive
impact on both operating profit and net assets as at 31 March
2022.
nDreams is a leading developer and publisher of virtual reality
("VR") games including Phantom: Covert Ops, Fracked and Far Cry VR:
Dive Into Insanity. It has a strong pipeline of future projects
already in development, including games for the PlayStation VR2. It
also recently expanded its development capabilities by announcing
two new studios, nDreams Studio Orbital and nDreams Studio
Elevation. In August 2021, nDreams appointed former Codemasters
CEO, Frank Sagnier, as its Non-executive Chairman.
Julian Viggars, CIO of Mercia Asset Management and nDreams'
Board Director, said : "This is an important development for
nDreams and one that will enable it to further strengthen its
position as a leading studio in the VR market. Aonic's investment
is also an indicator of the potential scale of VR technology and
nDreams is well placed to capture the opportunities this presents.
This material fair value increase is another example of the
underlying value creation potential in our direct investment
portfolio, which is now being recognised by co-investors and
acquirers."
Patrick O'Luanaigh , co-founder and CEO of nDreams, said: "This
investment is a pivotal moment for nDreams, and I'm delighted to
now have the combined support of Mercia and Aonic, who share the
same ambitious vision that we do. This investment is the rocket
fuel needed to accelerate our rapid growth, as VR continues its
trajectory towards becoming a truly mass-market technology."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018. Upon publication of this announcement, this inside
information is now considered to be in the public domain.
-Ends-
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
+44 (0)20 7523
Canaccord Genuity Limited (NOMAD and Joint Broker) 8000
Simon Bridges, Andrew Potts
+44 (0)20 7496
Singer Capital Markets (Joint Broker) 3000
Harry Gooden, James Moat
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Immy Ransom
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of venture,
private equity, debt and proprietary capital: the Group's 'Complete
Connected Capital'. The Group initially nurtures businesses via its
third-party funds under management, then over time Mercia can
provide further funding to the most promising companies, by
deploying direct investment follow-on capital from its own balance
sheet.
The Group has a strong UK footprint through its regional
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP948million of assets under management
and, since its IPO in December 2014, has invested c.GBP116million
gross into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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END
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