Stock information:- GB00BD5JRP64
ORD GBP0.00040108663
Immotion Group PLC has announced it has entered into a conditional sale and purchase agreement, for the sale of its Location Based Entertainment business to LBE BidCo, Inc. for an enterprise value of USD25,211,739 on a cash free/debt free basis.
In addition, the Company has announced that it has completed the disposal of Uvisan Limited for cash consideration of GBP100,000. As part of the Disposals, it has been agreed that the Immotion name be retained by the LBE business. Accordingly, the Board of Directors has proposed to change the Group`s name from Immotion Group PLC to Let`s Explore Group PLC.
It is anticipated that the completion of the Disposal and the change of the Company`s name will take effect on or around 28 February 2023. The Company`s ISIN will remain GB00BD5JRP64 and the tradeable instrument display mnemonic (“TIDM”) of the Company will change from “IMMO” to “LETS” . The information required to be disclosed pursuant to AIM Rule 26 of the AIM Rules for Companies can still be accessed at www.immotion.co.uk/investors. A new website address will be provided in due course. The Company intends to return the majority of the sale proceeds to its shareholders. Further information will be provided shortly after the completion of the Disposal.
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Capital at risk