Business
Posting of Circular and Notice of EGM
Posting of Circular and Notice of EGM.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9432M\n VR Education Holdings PLC\n 24 September 2021\n \n \n \n \n 24 September 2021\n \n \n \n \n \n VR Education Holdings PLC\n \n \n (\"VRE\" or the \"Group\")\n \n \n Posting of Circular and Notice of EGM\n \n \n VR Education Holdings plc (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, announces that it has posted a circular to shareholders (the \"Circular\") together with a Notice of Extraordinary General Meeting (\"EGM\").\n \n \n \n \n \n \n \n \n The Circular\n \n \n \n \n \n \n The purpose of the Circular is to convene an EGM of the Group for the purposes of considering a proposal to change the name of the Group and to amend the constitution of the Company (the \"Constitution\") to reflect the new name. \n \n \n \n \n \n As a result, and subject to shareholder approval and the consent of the Registrar of Companies, it is proposed to change the name of the Group to \"ENGAGE XR Holdings plc\" and amend the Constitution to reflect the new name. \n \n \n \n \n \n A copy of the Circular is available to download from the Group's website at: https://immersivevreducation.com/investors\n \n \n \n \n \n \n Rationale for proposed change of name to \"ENGAGE XR Holdings plc\"\n \n \n \n \n \n \n VRE has decided to propose the change of name to reflect better the strategic focus of the Group, which is to become a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE. \n \n \n \n \n \n ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events. \n \n \n \n \n \n The significant growth in the commercial use of the Group's ENGAGE platform, as reported at the Group's interim results on 14 September 2021, means that ENGAGE revenue comprises 72% of total Group revenue. While VRE sells Showcase Experiences on various VR platforms which perform well, the Group's ENGAGE platform revenue now dominates. \n \n \n \n \n \n Furthermore, the planned development of a new fully featured corporate metaverse, codenamed \"ENGAGE Oasis\", with the launch expected in the first half of 2022, will entrench th...