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Manchester VR firm announces plan to raise £3m through share placing


Manchester-based VR firm Immotion Group has announced plans to raise £3m through through the issue of almost 50 million new shares.

The proceeds of the fundraising – which is subject to shareholder approval – will be used to accelerate the company’s growth plans.

The new shares will represent around 20% of the company’s enlarged share capital.

Immotion Group originally listed on the London Stock Exchange’s AIM market last July, raising £5.75m through the placing of 57.5m ordinary shares in a placing that was said to be “significantly oversubscribed”.

Today’s news comes as the company agrees a significant roll-out of its VR cinematic platforms with Merlin Entertainments – owner of Lego Discovery Centres and SeaLife venues – following a successful trial.

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Immotion worked with Merlin Entertainments on a LEGO-themed VR experience in Boston

A 15-month VR licence deal has been agreed for 12 VR experiences, bringing in a minimum annual revenue of £588,000.

Immotion has also signed two content licensing agreements with LEKE VR, its China-based VR hardware supplier, as well as a distribution agreement with Crown Leisure, the UK’s largest distributor of entertainment machines.

Chief executive Martin Higginson, who founded the company with David Marks, said: “Our mantra has always been ‘test, roll-out’ and the extension of the Merlin relationship to cover the majority of Lego Discovery Centres, along with trials in three Sea Life Centres, is a significant milestone for the company.

“Endorsement from Merlin, one of the largest entertainment operators in the world, underpins our belief and confidence in our business model.

“The significant increased demand from Concession Partners has allowed the company to undertake a fundraise to fuel this potential growth. Longer term agreements with high quality leisure partners will build visible, recurring revenues. As well as increasing our installed partner base, we are rolling out more high-quality VR content, which is key to opening doors with new operators.

“We believe we are well placed to take advantage of the opportunities ahead of us and remain extremely confident that Immotion Group is set to become the leading out of home immersive VR operator in the world.”

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