27th Apr 2016 10:15
LONDON (Alliance News) - Armstrong Ventures PLC on Wednesday said it has struck a reverse takeover agreement for virtual reality products company MelodyVR Ltd and will change its name to EVR Holdings PLC after completing the deal.
Armstrong said the consideration for takeover will be GBP5.1 million, to be covered by the issue of 465.7 million Armstrong shares at 1.1 pence per share. As part of the transaction, Armstrong shares will be consolidated on a 1 for 100 basis. Armstrong shares were down 7.0% to 0.01 pence on Wednesday.
MelodyVR makes technologies, products and services allowing users to consumer virtual reality music experiences.
The reverse takeover and name change are subject to approval at a general meeting to be held on May 13.
"We believe that MelodyVR's proposition will appeal to many music fans who have embraced the latest VR technology. MelodyVR offers an immersive music experience to fans who are unable to attend a live event due to geographical or financial constraints, age restrictions or simply to an event being sold out. It also gives music fans the opportunity to access recorded content," said Armstrong Chairman Sean Nicholson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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