Business
Completion of LBE Sale
Completion of LBE Sale.
About this update from Huddled Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 1 March 2023\n \n \n \n \n Immotion Group PLC\n \n \n \n \n (\"Immotion\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n Completion of LBE Sale, Update on Change of Company Name and the Return of Cash to Shareholders,\n \n \n \n \n Directorate Changes\n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n Completion of disposal of Location Based Entertainment business (\"\n \n LBE\n \n \") for a total consideration of\n $25,119,739, comprising\n $23,869,739\n cash and a loan note of $1,250,000.\n \n \n ·\n Update on the change of name.\n \n \n ·\n Proposed return of cash to shareholders via a tender offer.\n \n \n ·\n Dan Wortley to join board as Group Finance Director with immediate effect.\n \n \n \n \n \n \n \n \n Completion of Disposal\n \n \n \n \n \n \n \n \n \n Further to the announcement of 21 February 2023, Immotion is pleased to announce the completion of the sale of LBE, comprising Immotion Studios Limited, Immotion VR Limited and C.2K Entertainment Inc., to LBE BidCo, Inc. for $25,119,739 (the \"\n Completion\n \"). The sale proceeds comprise of cash of $23,869,739 and a loan note repayable 12 months following Completion in the principal amount of $1,250,000.\n \n \n \n \n \n \n \n \n \n Update on Change of Name\n \n \n \n \n \n \n \n \n The Company is pleased to announce that, following completion of the sale of the LBE business and the approval by the Company's shareholders (\"\n \n Shareholders\n \n \") at the General Meeting held on 21 February 2023 to change the Company name, the Company will be registering the new Company name at Companies House and will update the market when this process has been completed.\n \n \n \n \n \n \n \n \n Update on Return of Cash\n \n \n \n \n \n \n As stated in the circular to Shareholders on 2 February 2023, following the sale of the LBE business, the Company intends to return the majority of the net sale proceeds to its Shareholders. \n \n \n \n \n \n \n The Company is finalising the mechanics of the return of capital to Shareholders but the intent, subject to regulatory clearance, is to enter into a tender offer (\"\n Tender Offer\n \") process whereby the Company would offer to acquire ordinary shares in the Company from Shareholders through a...