Sure Ventures PLC VR Education - Partial sale of share and update (5782Q)
22 Giugno 2020 - 8:00AM
UK Regulatory
TIDMSURE
RNS Number : 5782Q
Sure Ventures PLC
22 June 2020
Sure Ventures plc ('Sure Ventures' or 'the Company')
VR Education-Partial sale of shares and update.
Sure Ventures plc, a London listed venture capital fund which
invests in early stage software companies in the rapidly growing
technology areas of Augmented reality ('AR'), Virtual Reality
('VR'), Internet of Things ('IoT') and Artificial Intelligence
(AI). We are pleased to provide an update on one of its Investments
held through its commitment in Sure Valley Ventures Fund
("SVV").
Given the significant progress that VR Education has made and
the appreciation in its share price since it listed on AIM in March
2018, SVV has sold 3,362,000 shares realising gross proceeds of
GBP522,422 in order to realise the cost of its original investment.
SVV still believes that the company has significant growth
potential and so plans to retain 10,578,580 shares, amounting to a
4.38% shareholding in the company which was worth around GBP1.82
million at the closing mid-market price on Friday 19 June 2020 of
17.25 pence. The current share price of VR Education represents
some 465% of the original price at which SVV made its
investment.
The funds realised from the sale of shares will be distributed
to the investors in SVV as is the usual practice when realisations
are made, and so Sure Ventures PLC expects to receive around GBP
135'000 shortly. This is the second distribution that Sure Ventures
PLC will have received from its investment in SVV since its
commitment in the fund, the first being 1.6 million euros relating
to the sale of Artomatix in December 2019.
VR Education, is a leading virtual reality technology company
focused on the education and enterprise training space recently
announced that HTC Corporation ("HTC") has agreed to invest EUR3.0
million in the company and enter into a strategic partnership for
the distribution and license of the company's ENGAGE platform
globally through HTC enterprise sales channels. HTC's investment
follows the success of the 2020 HTC VIVE Ecosystem Conference which
was hosted on the company's ENGAGE platform in March 2020.
Further details about VR Education can be found at
www.vreducationholdings.com.
SURE VALLEY VENTURES FUND
Sure Ventures has a 7m million commitment to Sure Valley
Ventures Fund representing an interest of approximately 25.9% of
the underlying portfolio companies detailed in this
announcement.
Gareth Burchell-Director Comment "The Strategic investment from
HTC both adds validity to the technology that has been so
successfully developed by the team at VR Education and accelerates
the ability to scale the commercial traction of the ENGAGE platform
on a global basis. We would like to congratulate Dave Whelan and
the team on what is a major collaboration with a global leader in
VR technology and look forward to what the future holds for the
business in a post COVID 19 communication environment. The decision
to return the initial investment in VR Education to its investors,
whilst maintaining a meaningful stake in a company that we believe
has a major opportunity to achieve significant growth, is one the
board of Sure Ventures supports whole heartedly".
ENDS
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell Sure Ventures plc +44 (0) 20 7186 9918
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. Sure Ventures
is focusing on companies in the UK, Republic of Ireland and other
European countries, making seed and series A investments in
companies with first rate management teams, products which benefit
from market validation with target revenue run rates of at least
GBP400,000 over the next 12 months. Website:
https://www.sureventuresplc.com/
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END
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