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Martin Higginson, CEO of Immotion discusses sale of their Location Based Entertainment business for $25m and the next stage in the company's exciting journey with the home based entertainment business.
HIGHLIGHTS
· Sale of the LBE business agreed, subject to shareholder approval, for an enterprise value of $25,211,739
· Sale of Uvisan for a total cash consideration of £100,000.
· Retention of the Home-Based Entertainment business conducted by Let's Explore Media Limited ("HBE") following encouraging retail and TV shopping demand.
· Intended return of the majority of the LBE sale proceeds to Shareholders (up to circa £13.5m, equating to approximately 3p per share), retaining circa £6.5m within the Company for future opportunities.
· Intention to build on the Board's expertise using HBE as an initial platform to create a high growth trading group through strategic acquisitions.
· Proposed change of name to Let's Explore Group plc
· Following the completion of the disposals, Rod Findley will remain with the LBE business and step down as a director of the Company.
To read the full RNS click here