VR Education Holdings PLC Posting of Circular and Notice of EGM (9432M)
24 Septiembre 2021 - 7:23AM
UK Regulatory
TIDMVRE
RNS Number : 9432M
VR Education Holdings PLC
24 September 2021
24 September 2021
VR Education Holdings PLC
("VRE" or the "Group")
Posting of Circular and Notice of EGM
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.
F or further information, please contact:
VR Education Holdings plc Tel: +353 87 665 6708
David Whelan, CEO contact@vreducationholdings.com
Séamus Larrissey, CFO
Sandra Whelan, COO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
James Caithie / Liam Murray / Ludovico
Lazzaretti
Shard Capital Partners LLP (Joint Tel: +44 (0) 20 7186 9952
Broker)
Damon Heath / Erik Woolgar
Davy (Joint Broker & Euronext Growth Tel: +353 1 679 6363
Advisor)
Barry Murphy / Lauren O'Sullivan /
Oisin Morgan
SEC Newgate (Financial PR) Tel: +44 (0)7540 106 366
Elisabeth Cowell / Robin Tozer / Isabelle VReducation@secnewgate.co.uk
Smurfit
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
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