Engage XR Holdings (CDI) (EXR)

11.50p
   
  • Change Today:
      0.25p
  • 52 Week High: 19.50
  • 52 Week Low: 10.25
  • Currency: UK Pounds
  • Shares Issued: 290.45m
  • Volume: 113,828
  • Market Cap: £33.40m
  • RiskGrade: 165

VR Education raises £7.7m for new sales and marketing focus

By Josh White

Date: Friday 18 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Virtual reality technology company VR Education announced a successful, oversubscribed placing on Friday, raising £7.7m.
The AIM-traded firm said 48,350,191 new shares were placed by J&E Davy and Shard Capital Partners at a price of 16p each, raising gross proceeds of £7.7m, or €9m before expenses.

It said the pacing shares represented 20% of its issued ordinary share capital before the fundraise.

"Applications have been made to Euronext Dublin and to the London Stock Exchange for the placing shares to be admitted to trading on Euronext Growth and AIM, respectively," the board said in its statement.

"It is expected that settlement of the placing shares will occur, admission will become effective and that dealings will commence at 0800 BST on 22 June.

"The placing is conditional, among other things, on admission becoming effective and the placing agreement between the company, Davy and Shard not being terminated in accordance with its terms."

Following admission, the total number of shares in issue in VR Education would be 290,101,146, with the board confirming that the company did not hold any ordinary shares in treasury.

VR Education said about 75% of the net proceeds would be used for organisational development purposes, including hires across all functions, with a new focus on building a sales, marketing and customer success-driven organisation.

"The sales function is to be expanded to around 25 people, with business development roles to be spread across the US, Europe and the Middle East," the directors said.

"Customer support roles across the US and Asia will also be strengthened to allow for 24/7 customer support throughout all regions, and the intensity of investment in product features will continue with additional hires in product and engineering."

The balance of the net proceeds would be spent on sales and marketing activities, primarily through traditional travel and trade show opportunities with targeted sponsorship and advertising, including digital.

"The company's focus is on raising awareness of the ENGAGE platform and the development of the company's global strategy through direct and partner channels across the US, Asia and Middle East geographies."

At 1205 BST, shares in VR Education Holdings were down 12.99% at 16.75p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

EXR Market Data

Currency UK Pounds
Share Price 11.50p
Change Today 0.25p
% Change 2.22 %
52 Week High 19.50
52 Week Low 10.25
Volume 113,828
Shares Issued 290.45m
Market Cap £33.40m
RiskGrade 165

EXR Star Ratings

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EXR Dividends

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Trades for 26-May-2022

Time Volume / Share Price
11:43 25,000 @ 11.00p
10:07 43,828 @ 11.39p
10:04 20,000 @ 11.34p
08:03 25,000 @ 11.00p

EXR Key Personnel

CEO David Patrick Whelan
COO Sandra Margaret Whelan
CFO Séamus Patrick Larrissey

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