EVR Holdings PLC Strategic Partnership with John Gore Organization (5633B)
07 Giugno 2019 - 2:39PM
UK Regulatory
TIDMEVRH
RNS Number : 5633B
EVR Holdings PLC
07 June 2019
EVR Holdings plc
("EVR" or the "Company")
Strategic Partnership with John Gore Organization for Theatrical
Content
New Equity Issue at 4.5p per share to raise GBP5.0 million
Issue of Option to potentially raise a further $10.0 million
valuing the Company at GBP220m
EVR Holdings plc (AIM:EVRH), the leading creator of virtual
reality entertainment content and operator of the MelodyVR
platform, is pleased to announce that it has entered into a binding
heads of terms for a strategic partnership with The John Gore
Organisation, ("JGO") a leading developer, producer, distributor
and marketer of Broadway theatre worldwide, via JGO's subsidiary;
Broadway Channel LLC ("BCL").
The strategic partnership will see the creation of a new joint
venture in order to facilitate the VR capture, production and
distribution of Broadway theatre content globally. In addition, as
part of this co-operation, JGO has provided a GBP5m investment
commitment to the Company to underpin the success of the project
and to further align both company's long-term strategic
interests.
Under the leadership of 13-time Tony-winning theatre producer
and owner John Gore, his family of companies which includes
Broadway Across America, Broadway.com, The Broadway Channel,
BroadwayBox.com, and Group Sales Box Office ("Broadway"), develops,
produces and distributes live theatre content in 45 cities across
North America, London's West End, Japan and China. Its Broadway.com
platform has featured internationally recognised theatre
productions such a Wicked and Disney's The Lion King and provides
TV audiences with on-demand access around the world. Broadway has
won Tony Awards in every producing category as well as numerous
other Drama League, Drama Desk and Olivier Awards.
The first piece of content to be released under the strategic
partnership is an exclusive experience featuring Joe Iconis, in
which he takes viewers through a tour of the Tony Awards suite at
Sofitel New York, before heading to his Tony nominated new musical
Be More Chill. The content will be released in companion with the
CBS special "At the Tony's" as the theatrical community gears up
for Broadway's biggest night. The Be More Chill experience will be
the first step in production-driven content. As a leader in
capturing and distributing live concerts in VR, MelodyVR in
partnership with John Gore and Broadway, is now creating the
opportunity for the first Broadway show to be streamed straight to
fans homes in full immersive virtual reality.
During the year to May 2019 some 14.8 million people attended
Broadway shows, including 38 new productions, making it the most
attended season in Broadway recorded history (source: The Broadway
League]). Theatre represents a new and exciting vertical for the
Company and a further endorsement of the Company's inherent
technical expertise. The partnership with Broadway, organisations
with a rich established history and proven track record provides
for a solid partnership for the creation and distribution of new
and exciting VR content appealing to a broad demographic. The
growth in attendance for the 2018 - 2019 season topped that of the
ten professional New York and New Jersey Sports teams combined
(source: The Broadway League) and this initiative will help in
making the experience of a theatre production more accessible to
everyone.
In addition, Mr. John Gore has conditionally agreed to, prior to
the expiry of 10 working days from today's date, personally
subscribe for 111,111,111 new ordinary shares of 1p each in the
Company ("Ordinary Shares") at a price of 4.5p per Ordinary Share,
representing an approximate 25.0% premium to the mid-market closing
price on 6 June 2019, and also representing approximately 8.5% of
the Company's current issued ordinary share capital, to raise gross
proceeds of GBP5.0 million. JGO will also receive an option to
subscribe for the equivalent of $10 million of new Ordinary Shares
at a price to be determined at the time of exercise which would
value the Company's issued equity share capital at approximately
GBP220 million. The exercise period for this option will expire on
31 December 2019 at which time it will automatically lapse if not
exercised. Application will be made for the admission of
111,111,111 new Ordinary Shares to trading on AIM in due
course.
John Gore, owner and CEO of the John Gore Organization, said,
"Every single thing we do at JGO is centred around the goal of
serving tantalising content to theatre fans, regardless of their
geographical location. Using VR technology is just one more way to
deliver Broadway to fans around the globe, especially when the live
experience of Broadway and touring Broadway is beyond their
reach."
Anthony Matchett, Exec. Chairman and CEO of EVR Holdings/Melody
VR adds, "Having achieved a series of ground-breaking firsts with
the music industry, I'm thrilled to announce our partnership with
John Gore, which will see globally recognised theatrical
productions made available to consumers worldwide. At the core of
MelodyVR, is our vision of connecting fans with unobtainable
experiences, in new and immersive ways. Musical theatre is a
natural evolution in our journey and I'm pleased that we'll soon be
delivering even more amazing content to consumers via our
partnership with JGO."
For further information please contact:
EVR Holdings plc
Anthony Matchett, Executive Chairman & CEO Tel: +44 (0) 20
7097 5737
Andy Brown, Chief Financial Officer www.evrholdings.com
Investec Bank plc: Nominated Adviser, Financial Adviser Tel: +44
(0) 20 7597 5970
and Corporate Broker
Corporate Finance: David Anderson / Junya Iwamoto
Corporate Broking: Sara Hale
Notes to Editors:
MelodyVR is a wholly owned subsidiary of EVR Holdings plc
('EVR'), a company that is listed on the AIM market of the London
Stock Exchange under the ticker EVRH.L.
For more information on Melody VR, please visit:
www.melodyvr.com
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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