Business
Result of EGM, Change of Name and ENGAGE Update
Result of EGM, Change of Name and ENGAGE Update.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8333P\n VR Education Holdings PLC\n 21 October 2021\n \n \n \n \n 21 October 2021\n \n \n \n \n \n VR Education Holdings PLC\n \n \n (\"VRE\" or the \"Group\")\n \n \n Result of EGM, Change of Name and ENGAGE Update\n \n \n VR Education Holdings plc (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, is pleased to announce that at its Extraordinary General Meeting (\"EGM) held today, all resolutions were duly passed, including the proposed change of Group name to ENGAGE XR Holdings plc. \n \n \n \n \n \n It is expected that the change will take effect from 4 November 2021, and the Group's ticker for AIM and Euronext Growth will be EXR. The Group's website address (including its investor relations content) is now \n \n www.engagexrholdings.com\n \n . The Group's ISIN (IE00BG0HDR01) and SEDOL (BFZWBQ8) will remain the same.\n \n \n \n \n \n The change of name reflects 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. 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. Since the Group's interim results, ENGAGE has continued to grow, including the recent signing of a contract with one of the world's leading professional services groups to use the platform. \n Annual ENGAGE revenue compound annual growth rate (CAGR) is in excess of 100%, meaning that one of the Group's medium-term financial targets for 2023-25, announced in January 2021, has already been met for 2021.\n \n \n \n \n \n David Whelan, CEO, VRE, said\n : \"This is another significant milestone for the Group, as we look to the future, and build on the success of ENGAGE. The change of name will help with our future sales and marketing efforts. Since we published our results, ENGAGE has continued to attract new blue-chip customers from around the world. We are also pleased that we...