LETS Let's Explore Group Plc

TIDMLETS

RNS Number : 4005E

Let's Explore Group PLC

29 June 2023

29 June 2023

Let's Explore Group PLC

("LETS", the "Company" or the "Group")

Result of AGM, Trading Update, Acquisition Update and Total Voting Rights

Result of AGM

The Company is pleased to announce that at its Annual General Meeting held earlier today all resolutions were duly passed.

Trading Update

Let's Explore Group plc is pleased to confirm that, following the conclusion of the tender offer, announced on 5 June 2023, the Company's cash reserves are circa GBP7m (this excludes the interest-bearing loan note of $1.25m due on 28 February 2024 from the buyers of the Location Based Entertainment business).

The Company's retained Home Based Entertainment business has received two orders for the Vodiac headsets from QVC USA, and QVC UK, for their 'Christmas in July' promotion. The majority of orders and business for both the Vodiac and Let's Explore products is generated in the lead up to the Christmas period, being Q3, and Q4.

In anticipation of this, we have now completed the development of three new Let's Explore offerings; 'Let's Explore Oceans', 'Let's Explore Space', and 'Let's Explore Wildlife - including Dinosaurs'. Each pack is focused on delivering comprehensive immersive learning, coming complete with the new improved smartphone-powered VR headset, a range of VR experiences, a holographic cube which unlocks a selection of in-app augmented reality experiences, a full-colour hardback fact book, a sticker book, a giant poster, and an interactive model.

Acquisition Update

Since the disposal of the Location Based Entertainment business, the Group has looked at several acquisition opportunities. It has now narrowed its focus and has entered into preliminary due diligence on a possible target.

The Company will keep shareholders fully advised as matters progress.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules, the total number ordinary shares of 0.040108663 pence each in the capital of the Company in issue ("Ordinary Shares") as at the date of this notice is 190,849,873 with each share carrying the right to one vote.

There are no shares held in treasury.

Therefore, the total number of voting rights in the Company is 190,849,873.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Enquiries:

For further information please visit www. LetsExploreGroup.com , or contact:

 
 Let's Explore Group        Martin Higginson   investors@l etsexplore.com 
  plc                        David Marks 
                             Dan Wortley 
 Cenkos Securities          Adrian Hadden      Tel + 44 (0) 207 7397 8900 
  plc                        Charlie Combe 
  (Nomad and Sole Broker) 
 

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(END) Dow Jones Newswires

June 29, 2023 06:15 ET (10:15 GMT)

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