VR Education Holdings PLC Result of EGM, Change of Name and ENGAGE Update (8333P)
21 Octubre 2021 - 5:34AM
UK Regulatory
TIDMVRE
RNS Number : 8333P
VR Education Holdings PLC
21 October 2021
21 October 2021
VR Education Holdings PLC
("VRE" or the "Group")
Result of EGM, Change of Name and ENGAGE Update
VR Education Holdings plc (AIM: VRE; Euronext Growth: 6VR), a
virtual reality ('VR') technology company, is pleased to announce
that at its Extraordinary General Meeting ("EGM) held today, all
resolutions were duly passed, including the proposed change of
Group name to ENGAGE XR Holdings plc.
It is expected that the change will take effect from 4 November
2021, and the Group's ticker for AIM and Euronext Growth will be
EXR. The Group's website address (including its investor relations
content) is now www.engagexrholdings.com . The Group's ISIN
(IE00BG0HDR01) and SEDOL (BFZWBQ8) will remain the same.
The change of name reflects 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. Since the Group's interim results, ENGAGE has
continued to grow, including the recent signing of a contract with
one of the world's leading professional services groups to use the
platform. Annual ENGAGE revenue compound annual growth rate (CAGR)
is in excess of 100%, meaning that one of the Group's medium-term
financial targets for 2023-25, announced in January 2021, has
already been met for 2021.
David Whelan, CEO, VRE, said : "This is another significant
milestone for the Group, as we look to the future, and build on the
success of ENGAGE. The change of name will help with our future
sales and marketing efforts. Since we published our results, ENGAGE
has continued to attract new blue-chip customers from around the
world. We are also pleased that we have already hit one of the
medium-term financial targets, as annual ENGAGE revenue CAGR
exceeds 100%, underlining the positive progress of the Group."
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
The Directors of the Company take responsibility for this
announcement. This announcement contains inside information for the
purposes of the UK Market Abuse Regulation.
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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October 21, 2021 06:34 ET (10:34 GMT)
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