New contracts drive share placing at Immotion Group
Immotion Group is to raise £2.85 million in a share placing following significant contract wins.
The Manchester-based virtual reality firm, which is listed on the London Stock Exchange, revealed a revenue-sharing partnership with MGM Resorts International for installation of a 36-seat VR theatre and interactive exhibit at the Mandalay Bay Resort & Casino's Shark Reef Aquarium in Las Vegas.
It also recently revealed contracts with the London Eye, a further four aquariums and its first European zoo partner.
The company ended 2019 with 302 installed headsets of which 117 were ImmotionVR and 185 were partners.
CEO Martin Higginson said: “Our partner model has been well received and is delivering great results for both ourselves and our partners.
“We continue to see strong demand for our core offering, which now includes a fully integrated immersive exhibition solution: - a combination of immersive, and interactive experiences alongside a larger cinematic VR Theatre. This new offering, along with our existing smaller footprint installations, gives us the ability to serve both our existing partner base, as well as the growing trend of Partners wanting larger installations.
“There is great excitement for the launch of our largest installation in one of the world's most popular tourist destinations, Las Vegas. Our partnership with MGM Resorts International and its Shark Reef Aquarium at Mandalay Bay Resort and Casino will set the trend for larger and more integrated immersive experiences to come.
“Demand for easy to operate larger VR cinematic theatres is growing. The recent evolution of the Sea Life London Aquarium from a 4 seat offering, to an 8 seater mini VR Theatre, alongside the London Eye 6 seater VR Theatre is testament to demand for this product.”
The placing will issue of an aggregate of approximately 39.3 million shares at a price of 7.25 pence per share and represent approximately 12.1 per cent of its enlarged issued share capital.