Business
nDreams receives significant new investment
nDreams receives significant new investment.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3047G\n Mercia Asset Management PLC\n 29 March 2022\n \n \n \n \n \n \n \n RNS \n \n \n \n \n 29 March 2022\n \n \n \n \n \n \n \n \n Mercia Asset Management PLC\n \n \n \n \n \n (\"Mercia\", the \"Group\" or the \"Company\")\n \n \n \n \n \n nDreams receives significant new third-party investment\n \n \n \n \n \n Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£948million of assets under management, is pleased to announce completion of a £20.1million third-party investment round into nDreams Limited (\"nDreams\"), currently the Group's largest direct investment by fair value.\n \n \n \n \n \n The investment comes from Aonic AB (\"Aonic\"), a Stockholm-based video game investor. Aonic champions high-potential game studios by supporting them with the specialist technology and infrastructure needed to achieve their full potential, while enabling them to maintain their independent identity and creative freedom. \n \n \n \n \n \n Following this investment round, Mercia now holds a 33.2% fully diluted direct investment stake in nDreams valued at £25.8million, an increase of £8.1million from its 30 September 2021 carrying value, which will have a consequential positive impact on both operating profit and net assets as at 31 March 2022. \n \n \n \n \n \n nDreams is a leading developer and publisher of virtual reality (\"VR\") games including Phantom: Covert Ops, Fracked and Far Cry VR: Dive Into Insanity. It has a strong pipeline of future projects already in development, including games for the PlayStation VR2. It also recently expanded its development capabilities by announcing two new studios, nDreams Studio Orbital and nDreams Studio Elevation. In August 2021, nDreams appointed former Codemasters CEO, Frank Sagnier, as its Non-executive Chairman.\n \n \n \n \n \n \n Julian Viggars, CIO of Mercia Asset Management and nDreams' Board Director, said\n \n : \"This is an important development for nDreams and one that will enable it to further strengthen its position as a leading studio in the VR market. Aonic's investment is also an indicator of the potential scale of VR technology and nDreams is well placed to capture the opportunities this presents. This material fair value increase is another exampl...